NiftyforAll: Weekly Review

Saturday, July 20, 2013

Weekly Review - 22.07.2013

Dear All,

We had a very Choppy Session last week. Reason for the choppiness due to Nifty's corrective upmove extended as a-b-c-d-e instead of my expectation as a-b-c. Also Bank Nifty faced lot of correction and while IT index looks positive as Infy and better than expected TCS results added with falling rupee.

But CAD remains a threat as rupee shows continues weakness and rumors around the corner that RBI may hike rate sooner or later to avoid the rupee falling any more. It means to us that though market remains on the same direction, changes happening with in the waves as per developments. Though if any one is a good Technical Analyst he should remain caution in the market and should avoid over confidence to avoid loss from the sudden changes or twist happening in the market.

Next week market may possibly turn down any time negative. As I have already wrote the current upmove is only a corrective upmove, market should turn any time down from here onwards. Nifty should face a Strong Resistance at 6087 (or 78.6%) retrace of previous fall from 6229 to 5566 which i meant as Wave A. So the current Upmove is Wave B and its extended as a-b-c-d-e. Wave C downside should start any time next week.

>>> Nifty - Daily <<<

>Click the chart to see on full screen<

>>> Nifty - Hourly <<<

>Click the chart to see on full screen<

On Daily Chart nothing unusual and Hourly chart we need confirmation for the downside to break support like 6005 and 5950. Resistance 6087.

>>> Bank Nifty <<<

>Click the chart to see on full screen<

Bank Nifty after making a high of 11812 completed its 4th sub wave as a-b-c and started downside fall for the 3rd of 5th wave and confirmed lot of down side yet to come in. So caution advised once again for Bank stocks too.

Lets See how my Past Charts performed so far. Below mentioned charts are published earlier and hence Update give as per.