Monday, July 15, 2013

Resistance 6041 & 6114

Dear All,

>click the chart to see on full screen <

Chart above differ slightly from my earlier views - as i felt there is some minor changes in the count. Hence I changed the resistance levels also. So now 6041 & 6114 shall be the resistance.

Though there are lot of bad news flowing form IIP and WPI data front, Nifty continue to move up inch by inch. But stocks are not advancing along with Nifty. As I have already suggested that this is a corrective upmove and the down trend shall resume any time. So the situation looks like a Head or Tail.

One should start booking Longs and advised to protect their profit. Cheers!!!

>>> BHEL <<<

>click the chart to see on full screen <

Bhel already broken the IHS and still consolidating near the Neck like for sub wave 4. Chart attached above shows the immediate support, if not broken good bounce possible, else more consolidation like as the stock should find its support at 183 and 180 levels. Lets See. Cheers!!!