After 2 weeks of consolidation, Nifty unable to break 5636 on the lower side and 5720 on the upper side. Made a side ways movement with a high voltage volatile. Its sure that both side stop loss hit for most of the traders.
Also on daily basis 5630 is very important as i have mentioned in my last weekly review, So new readers can refer previous weekly review for the same.
Here on Hourly chart there are 2 Possibilities on Nifty.
>>> NIFTY - Possibility - 1 <<<
>Click the chart to see on full screen<
Above Half an Hour Chart - shows that we are still in B wave. This move is valid only if it does not breaks 5636, hence it may go up till 5720 or 5745 to end wave B before next fall.
>>> NIFTY - Possibility - 2 <<<
>Click the chart to see on full screen<
Next Possibility is that Nifty has completed Wave B. A Possible triangle break down and a good sell off on friday has confirmed that. Also need to break 5636 next week for next fall. If not broken, then it can go up as said on first case.
>>>Follow Up - JP Associates<<<
Last week on Weekly Review, I have given JP Associates as a Buy candidate as it gave a break out on daily chart. But on Wednesday Update - wrote, Interim Upmove has ended, and gave chart as below
>Anticipated<
>Happened<
As anticipated JP Associates made a good fall from 94.50 to 90.
(23/Oct/2012 12:48:16): Sell JPASSOCIATES below 94.50. SL above 96.40 (closing). Target 92 and 90 (all spot lvl)
(26/Oct/2012 14:00:06): JP ASSOCIATE near Second Target 90. Sell given at 94.5. Shall Book Full Profit at 90 for a Profit of 4000 X 4.5 = Rs.18000/- Hope all enjoyed.
>>>BAJAJ AUTO<<<
Bajaj Auto - As shown on chart, can short with a Stop Loss of 1820 for a good fall next week.
>>>PERFORMANCE<<<
>Click the Image to see on full screen<
Performance till 26th Octo, 2012. Interested shall contact me on krish_venkatesh@yahoo.com or 9677924975.
