Support @ 8590 & 8450

Dear All,

Stocks fell and the dollar held firm on Monday in the wake of forecast-beating US jobs numbers that stoked expectations the Federal Reserve could raise interest rates sooner than previously thought.

In Europe, most euro zone government bond yields fell on the first day of the European Central Bank's 1 trillion euro bond-buying programme.

The US economy added 295,000 new jobs in February — more than forecast — and the unemployment rate fell to a more than 6 1/2-year low of 5.5 per cent from 5.7 per cent in January.

This raised expectations the Fed would at its March meeting drop a reference to 'patience' on the timing of a rate hike, opening the door for a rate rise in June.



>>> Nifty - Hourly Chart <<<

>>> Click the chart to see on full screen <<<

It was a bloody sell off in the Dalal Street. All immediate Supports broken and the entire shape changed the way it was earlier. So also our counts. Price breaks 50 and 100 Hour Moving Averages - tells us the strength of bear.

So whats Next ?

Now the move till 9117 may be wave B and the present fall looks like Wave C. Hence the fall can be towards 8590 and if breaks then 8450 also possible.

>>> Bank Nifty - Hourly Chart <<<

>>> Click the chart to see on full screen <<<

Price below 50 and 100 hma. Bank Nifty too looking weak. Hence if trades below 19111, may test 17860 very soon. Cheers!!!