Tuesday, October 16, 2012

Nifty - Its a Bear Warning !!!

Dear All,

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Nifty Broken down once below 5640 and gave a Bear Warning !!!.

Now it seems B got completed and C wave 1-5 wave downside started.

> Alternative Count <

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An alternative count is necessary here as there was a Triangle formation also. As per this A cut shorted as a-b-c and B has formed a triangle formation as a-b-c-d-e as shown on the above chart.

As per this 5660 and 5640 are the support levels - and both level breached today - shows one more Bear Warning.

As per 5550 or 5570 shall be the possible target on the downside. Lets See!!!


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One more Head and Shoulder Pattern - its on Hindalco. I think no explanation needed for the above chart. We too had a sell position in Hindalco. Lets see.


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I have discussed several times about IFCI in this Blog. Many Queries has been answered. Once again IFCI gave Triangle break down and a Sell signal today. Expecting a fall tomorrow or in coming days. Lets See.