Nifty at 5350 !!!

Dear All,

On Political front :-

Finance minister P Chidambaram on Friday got a huge relief from the Supreme Court as it dismissed Janata Party president Subramanian Swamy’s plea for a probe into his role in the 2G spectrum scam.

So Now its Coal Scam - to have New Twist and Turn inside and Out side Parliment :-

BJP Continued to disturb Parliament from its normal proceedings and demanding PM's Resignation and says no more discussion in this regard.

Rejecting the report of CAG on allocation of coal blocks during 2004-09 period, Manmohan Singh said that any allegations of impropriety were without basis and unsupported by facts.

BJP rejects PM's defence over coal scam, says money from allocation of blocks went to Congress party

PM should take moral responsibility of coal allocation scam and resign: BJP

So finally it seems Govt may bring confidence motion next week.

>>> NIFTY <<<

> Click the Chart to see in Full Screen << Nifty took support at 5350. Break below should fall upto 5290 as shown on chart. Confusion in Parliament + Nifty trend line break down lead to Bears Strength. Bulls unable to capitalize the Upmove above 5400 and if breaks and close below 5350 or 5290 then its a signal from bear that some thing worst is going to happen soon. Get ready for it.

>> Follow - Up - IDFC <<

On 17th August in our Weekly Review - IDFC was the Weekly Chart - told it may fall 137 & 132. Even though I have Exited IDFC Short cost to cost - due to its long consolidation with out Loss. Please verify the Performance sheet.

But today IDFC fell down and achieved the First Target as per my expectation - and attached chart below

Cheers!!!

Weekly Review - 25.08.2012

20 GOLDEN RULES FOR TRADERS

1. Forget the news, remember the chart. You're not smart enough to know how news will affect price. The chart already knows the news is coming.

2. Buy the first pullback from a new high. Sell the first pullback from a new low. There's always a crowd that missed the first boat.

3. Buy at support, sell at resistance. Everyone sees the same thing and they're all just waiting to jump in the pool.

4. Short rallies not selloffs. When markets drop, shorts finally turn a profit and get ready to cover.

5. Don't buy up into a major moving average or sell down into one. See #3.

6. Don't chase momentum if you can't find the exit. Assume the market will reverse the minute you get in. If it's a long way to the door, you're in big trouble.

7. Exhaustion gaps get filled. Breakaway and continuation gaps don't. The old traders' wisdom is a lie. Trade in the direction of gap support whenever you can.

8. Trends test the point of last support/resistance. Enter here even if it hurts.

9. Trade with the TICK not against it. Don't be a hero. Go with the money flow.

10. If you have to look, it isn't there. Forget your college degree and trust your instincts.

11. Sell the second high, buy the second low. After sharp pullbacks, the first test of any high or low always runs into resistance. Look for the break on the third or fourth try.

12. The trend is your friend in the last hour. As volume cranks up at 3:00pm don't expect anyone to change the channel.

13. Avoid the open. They see YOU coming sucker

14. 1-2-3-Drop-Up. Look for downtrends to reverse after a top, two lower highs and a double bottom.

15. Bulls live above the 200 day, bears live below. Sellers eat up rallies below this key moving average line and buyers to come to the rescue above it.

16. Price has memory. What did price do the last time it hit a certain level? Chances are it will do it again.

17. Big volume kills moves. Climax blow-offs take both buyers and sellers out of the market and lead to sideways action.

18. Trends never turn on a dime. Reversals build slowly. The first sharp dip always finds buyers and the first sharp rise always finds sellers.

19. Bottoms take longer to form than tops. Fear acts more quickly than greed and causes stocks to drop from their own weight.

20. Beat the crowd in and out the door. You have to take their money before they take yours, period.

Are You an Emotional Trade :-

A Picture Better than 1000 Words as given below

Greed and Fear = Emotions

The fear factor will increase after every losing trade and the greed factor pops up after winners.

Very few traders are content with the results of every trade, they always think they could have won more on winners and reduced the amount on losers.

Fear and greed, will play extraordinary tricks with your emotions but only through self control and discipline will you be able to control them.

More Greed will lead to Uncontrolled Limits means ...

>>> NIFTY - DAILY CHART <<<

> Click the chart to see in full screen < I think no need to describe the attached Daily Chart - Retraced Exactly 78.6% at 5446. An IHS pattern Break out followed by a break down on trend line doubts the IHS break out - Possible failure may advantage to bears soon if Price comes below the Break out Line. Important Support at 5350 & 5288. Resistance at 5446.

>>> NIFTY - INTRADAY CHART <<<

>Click the chart to see in full screen<

Intraday Chart clearly shows the Trend line break down and shows how important 5377 is and possibility of filling gap mentioned on chart.

>>> IFCI <<<

>click the chart to see in full screen <

One should remember that I have given IFCI on weekly Chart few weeks before and cautioned about H&S on Chart. So friday triggered the Selloff and fell nearly 16% in a Single day. Now as per H&S IFCI should reach for a Target of 23-24 very soon.

>> PERFORMANCE <<

>>click the above picture to see in full screen <<

Above performance is upto 24th Aug-2012. Those who wish to Join with me - can ask me the details on my email id krish_venkatesh@yahoo.com.

Above performance is based on only Futures - Levels are provided on Cash basis. Both Entry and Exit will be advised.

One More Day with Nifty

Dear All,

Today also NDA and its allies stalled the Parliament, demanding PM's Resignation of Col-gate Report from CAG. A meeting called by Lok sabha speaker Meera Kumar was also boycotted by NDA / BSP and SP, Soon Mr. Ansari my Convene another meeting to end the dead lock. Third day also wasted in Parliament with out any Business as the Whole India Inc is looking for some Bills & Policies to get shaped in this Session atleast to boost the slowing Economy. Many Bills Including FDI in retail which the whole FII's where waiting for it.

At the same time UPA ally Trinamool Congress today strongly opposed allowing FDI in key sectors like retail, insurance and aviation arguing that it would be harmful for the people of the country.

All PSU Banks normal works get halted due to Strike called by All India Bank Employees' Association (AIBEA) due to reforms in the sector and outsourcing of non-core services to private sector.

When economy is facing a crucial Stage or Trouble all these above News are really dis-tubing in nature.

Going abroad - Federal Reserve sent its strongest signal that it is preparing new steps to bolster the economic recovery, saying measures would be needed fairly soon unless growth substantially and convincingly picks up. It shows that QE3 known for Bond Buying may once again in their Options.

In China PMI index for August fell to a nine-month low of 47.8 on a 100-point scale, dropping from July’s final print of 49.3.

Meanwhile Nifty closed in Green with 5.9 Point Plus. Shares Like Jet Airways, Spice Jet and KFA down nearly 5% after a Negative Statement from Mamthaji.

>>> NIFTY <<<

>>> Click the Chart to see in full Screen <<<

As Nifty made a high of 5448 - unable to hold 5436 as i have mentioned it as a resistance level, closed at 5418 managed to stay inside the channel. MACD is signalling an alert as its not moving up with Price. So need confirmation on either side. At this stage balls may favour Bears, but better to stay in "NO TRADE ZONE" unless a break out or break down comes out of the market. Lets see.

>>> IDFC <<<

>>> Click the Chart to see in full Screen <<<

I have posed IDFC in Weekly Review. Now IDFC consolidate between 140-146 as it competed the last leg of Wave C. Today gave a Break down form the channel with Negative Divergence shows that Stock ready to slide any time - even tomorrow possibly. A Gap left on 137 should be the first Target. Lets See.

Nifty again closed above 5386!!!

Dear All,

Nifty able to Hold and close above 5400, Neglected all Negative European Cues. Nifty moved in between 30 Points for the entire day - followed by Telecom Stock and Sugar stocks worst hit. Bharti Airtel breaks the Important Low of 250 and 230 is the Next Support. Rcom took support at 54 and 53.40 is the Previous Low to watch, if broken then may fall to 47 and 42 sooner or later.

Coming back to Nifty - One Blog Reader asked in Yahoo messenger - Your Level 5386 crossed Yesterday and today also it seems Nifty unlikely to give up 5400 - So whats the Target on the Upper side. It seems quite Interesting that every one ask these same question - If one Patter or Level or count failed - Should I delete the current one and Jump and take Long Position. Or should I say - If I had a Short Position in Nifty - If Stop Loss hit and Should I Jump and take Long Position ???? Certainly Not.

Here comes the same view - Almost all the Indicators are Negative - Still Nifty Moving slightly Up or Holding with out Falling - But stocks are getting hammered every day - means - You should wait and watch - or Mark it as "NO TRADE ZONE" or Stick with your previous view that was taken already - with renewed Stop Loss -

Patience is the Best Medicine You need at this Point of Time. Wait for the exact Opportunity and trigger your next trade.

Lets wait and Watch - Cheers!!!

Nifty above 5386 ?

>> click the chart to see it on full screen <<

Nifty Moved and closed above 5386 as this is the level I was mentioning earlier in this blog several times. It seems like the trend is getting reverse in favour of Bulls.

At the same time - when the count says that the 5th wave of Last C leg is getting completed as marked on chart. As the upmove was like ABC - C almost retraced 127% of wave A at 5437 and 5th Leg of C wave has retraced upto 61.8% of entire three wave at 5428 as marked on chart as Resistance.

Since the MACD, RSI and most of the Other Indicators signalling a Negative outlook - I suspect these Pattern wise Break out may be a False one unless Nifty can able to close above 5386 for 1-2 days.

Lets wait for more clarity, as I assume that this is a No Trade or No Deciding Zone. Cheers!!!

Weekly Review - 20.08.2012

Dear All,

In Spite of Many Negative News & Scams Market Holding Up due to ..???

> Foreign Institutional Investors (FIIs) have infused a net amount of $1.02 billion (about Rs 5,692 crore) in August so far, taking the total for this year to $11.4 billion (Rs 57,958 crore) in Indian equities, according to the Securities and Exchange Board of India (Sebi).

> Even though Corporate profit margins have fallen for five quarters, dropping below 5 per cent in April-June 2012, interests costs have ballooned, market moving up steadily is surprising as what FII's know something that we don’t, or share prices are completely out of line with fundamental projections.

> Much more bad news have lined up like Weak Mansoon - followed by rise in NPA for the Banks and climbing debt levels. So RBI kept saying many times - nothing in their hand as far as Govt reduce its expenditure and stop supply side which was keeping the Inflation at the highest level.

> In Practical Growth can't be Possible with out a Rate Cut - as Liquidity is a Major concern for the time being. But RBI wont Cut Rates as Inflation is a Burning Coal.

> On fiscal side Current Account Deficit Kept warming up and No concrete measure so far, may put the risk on the highest ever. Most of the Expert warned about this as worrisome.

> In Independence Day Speech PM hoped that in 2012/13 we would do better than 6.5% on 2011/12. Don't forget what PMEAC (Prime Minister Economic Advisory Council) said on July 2011 that expected the Growth to be around 8.2% in 2011/12. In reality what happend is know to every one as we got 6.5%. In February 212 another report submitted by PMEAC reiterated that the growth should be around 7.5 to 8%. No one other than PMEAC or PM believed these bluffing statement.

> So Why Market is Holding - If only because of FII's continuous flow of Money on their expectation from Policy Makers may act soon - if not what may happen ???. If they change their stance from present level from 'Buy' to 'Sell' then what may happy ? If any more Bad News from Europe - US or any other Major part of the world may trigger a Big Sell Off - So what may happy to Our Index ???

>>> NIFTY <<<

Weekly Chart :-

>Click the chart to see in full screen>

Above Weekly Nifty Chart seems like a Bearish Symmetrical Triangle - If so then the upper Channel should give a Stiff resistance along with 100 week Moving Average.

Intraday Chart:-

>Click the chart to see in full screen>

Above 30 Min Chart shows the raising Channel has been Broken and trying to form a H&S like Pattern - Must wait for a clear Picture yet to come.

Stock Pick for this Week :- IDFC

>Click the chart to see in full screen>

IDFC seems like Negative as it makes a Double Top & Re-tested the Trend Line broken Earlier. We had a Sell call in it and Hope will Fall in coming days.

Cheers!!!

Peformance - Till Middle of August - 2012

Dear All,

First Time I have made a Performance Sheet and Publishing Openly in my Blog.

As per this Performance Sheet - One should be assumed to be Holding a Maximum of 2-3 Position at a time.

Capital Required must be 2 to 3 Lakhs.

Minimum 2 to 3 Target will be given and if the First Target achieved, One should get ready to Book Profit. Risk takers may hold with a SL of Cost to Cost + Brokerage for the Next Target.

>>> Click the above Sheet to see in Full Screen <<<

I invite Queries / Suggestion and Advice form the Reader on the comment column below.

Nifty - Where is my Independance ?

Dear All,

India Crossed 66th Independance Day Celebration. So do we got the real Independance ????

Lets have a Look ...

>>> NIFTY <<<

>Click the Chart to See it on Full Screen<

I think no more explanation needed today, as we have discussed more about it. Lets wait for a Break down at least to happen tomorrow.

>>> BANK NIFTY <<<

>Click the Chart to See it on Full Screen<

Bank Nifty - so far first deciding the trend - as shown on chart - if breaks above the green colored Line - a possible IHS break out and rally not ruled out. Else if breaks below the down line - fall for wave C for a Target of 9900.

Lets See!!!

Is this Real Inflation ??

Thanks to July Inflation data??? which was lower than expected 6.87 and hope raised from RBI that it may cut Interest Rate. Overall, food inflation declined to 10.06% in July, from 10.81% in June which added more hopes from RBI and Helped Nifty to Rally 32 Points.

>>>NIFTY<<<

Lot has been discussed about Nifty earlier - Sill can't able to close above 5386. The Give Chart shows a Inverted Head and Shoulder Pattern - a Close above 5386 for a Day or two may give effect, or else a fall as I was writing for last 10 days can't be avoided.

Any one new to this blog may refer earlier post for more clarity.

>>>> Adani Ent <<<<

Adani Enterprises - A Buy call given to Members @ 186 which Rallied upto 192.7 and Expecting a More rally in coming days too. One can Buy for short Term Rally which is a Safe Buy from current Levels for an Upmove upto 20-25% return in Short term.

>>> R-Com<<<

I'm Bearish on Rcom for quite some days - Gave a Sell call below 55.5 - after it touched 53.75 - Gave a Hand Some return as the lot size was 4000. Approx Rs.7,000. Even Now Stock looking very Bearish as I feel that a 3rd down wave is going on.

India's Number two Mobile Operator by Subscriber Based Company is Unable to raise capital to Manage its 7 Billion Debt - Scrapped its IPO Plan in Singapore for 1 Billion due to Choppy Market Condition

Now Rcom has applied for a Loan of 30 Bln from Indian Largest PSU Bank - State Bank of India and also need INR 10 Bln to meet its Capex need in Fin Year 2012-13.

Raising Uncertainty in Telecom Sector and falling Profit - Huge Capex Need and Biggest Debt made the company to look Unattractive and I feel it may touch 47 and even 42 in Short term.

Lets See. Cheers!!!

Nifty Views - 13.08.2012

Dear All,

>>>NIFTY<<<

>Click the chart to see in full screen<

Nifty bounced today on the later party of the trade with almost doubling its premium with out any strength on MACD. As wrote already 5386 should decide the trend.

Now the above chart explains how the downfall has been counted. For clarity i have given 5 min chart. Fall upto 5194 completed wave 1 and a retrace for sub 2 as abc is marked, a possible move upto 5366-73 should be marked as 2.

I think Nifty should fall from there with high intensity selling for wave 3. above 5386 this count invalid.

>>>SBIN<<<<

Many queries to me on messenger and email about SBIN after seeing weekly review. So Im updating the Latest chart with my view

>Click the chart to see in full screen<

As per above chart - its clear that SBIN on good support Zone - as its over sold and need to retrace - should move up to 1913 and 1947 - where it can start sliding once again. If start sliding as given may fall upto 1890 / 1837 and 1768 may be even 1680 in worst case sooner or later.

Cheers!!!

Weekly Review

Dear All,

Lets Review our Last Week Post on 04th of August and Let see what happen this week.

>>>Nifty<<< As given Last Week

As wrote last week about a Flag Patter or Reverse Head Shoulder.

Happened this Week

So whats Next Week for..

Nifty exhibiting a Clear Negative Divergence on MACD - shows selling may emerge at any point of time unless 5376 gets breaks with a strong volume.

But whats happening is similar to the Pattern discussed on 07th August as I wrote on "Time to be Cautious". You can also refer to by checking here

http://niftyforall.blogspot.in/2012/08/time-to-be-cautious.html

Lets See some of the Performance for Last Week:-

>>>Pantaloon<<<

03/Aug/2012 09:43:01): *****STOCK-ALERT***** PANTALOON
Sell & Hold at Cmp:164. SL above 169. Target 155 / 147 & 140.

(09/Aug/2012 13:33:09): *****N4A-STOCK-ALERT***** PANTALOON - 150.45. Sell given on 03rd Aug at 164. Profit so far 2000 X 14 = Rs.28000

>>>SBIN<<<

As given Last Week

Happened this week

See the Performance

(08/Aug/2012 14:38:33): *****N4A-STOCK-ALERT***** :-
Sell SBIN between 2080-90. SL above 2130. Target 2000 & 1930. (all Cash Levels Only)


10-08-12, 12-46-18 pm *****N4A-STOCK-UPDATE***** SBIN - All target achieved. Made a Low of 1922. Our Target 1930. Sell given on SBIN at 08th Aug - 2080. Book Full Profit. Profit 125 X 150 = Rs.18750. Hope all enjoy.

See the other stock performance :-

>>>RCOM<<<

8-08-12, 03-05-10 pm *****N4A-STOCK-ALERT***** :- Sell & Hold RCOM below 55.50. SL above 59. Target 52 / 47 & 42.

9-08-12, 09-56-26 am ****N4A-STOCK-UPDATE***** :- RCOM - Sell call Triggered. cmp:55.35.

9-08-12, 01-35-06 pm *****N4A-STOCK-ALERT***** Rcom Gone - 54.55. Sell given AT 55.50. Profit 1 X 8000 = Rs.8000 Only So far. Hold Rest for Target.

>>>>>Bank Nifty<<<<

9-08-12, 02-24-36 pm *****N4A-BANK NIFTY ALERT***** Sell BANK NIFTY near 10460-470. SL above 10510. Target 10420 / 10350 & 10280.

10-08-12, 12-49-37 pm*****N4A-BANK - NIFTY - UPDATE*****
Sell given on Bank Nifty at 10460 Yesterday. Achieved 2nd Target at 10350. Cmp:10335. Profit so Far. 25 X 110 = Rs.2750. Book 50% Profit.

>>>Chambal & Axis Bank<<<

9-08-12, 02-38-29 pm *****N4A-STOCK- ALERT***** Sell CHAMBAL FERT below 70. SL 71.5 (closing basis). Target 66 / 63 & 60 (all cash levels)

10-08-12, 09-46-01 am*****N4A-STOCK-ALERT***** Sell AXIS-BANK below 1080. SL above 1098. Target 1040 & 1000.

10-08-12, 01-07-29 pm*****N4A- STOCK-UPDATE***** Chambal Fert 69.20. Sell @ 70. Profit 8000 X 0.07 = 6400 AXIS BANK 1072. Sell at 1080. 8 X 250 = 2000

10-08-12, 01-15-59 pm *****N4A- STOCK-UPDATE***** AXIS BANK approaching first target 1040. cmp: 1048. profit 32 X 250 = Rs.8000. Enjoy

Potential Charts for Next Week :-

Possible Head Shoulder on IFCI - a break below the Trend line means - Free Fall.

IIP Vs RBI's Policy Action

Dear All,

IIP data as published today fell by 1.8 per cent versus 2.5 per cent in the month of May. Point here to watch is capital goods sector fell by 27.9% which looks very bad. Now RBI is under Pressure from India Inc to Cut Rates.

RBI is very clear that a Rate Cut at this Point of time is dangerous which may stoke Inflation, as controlling Inflation is the first Priority for it. As Monsoon also remaining as a threat, which may impact our GDP data along with inflation.

So what Mr. Chidhambaram need to tackle the situation - Is he ready to Kick start the Reforms Process -

Will he Reduce the Fuel Subsidy on Diesel and more on Petrol to reduce the fiscal deficit.

Will he pass the bill for FDI retail in Single Brand with the support of their Rebel coalition partner - Mamthaji and Mulayam ji.

What and when will be the GAAR be finalized - Dont forget that Same Mr. Chidhambaram when he was the FM in 2008 - made a Policy in sub Account - when Market had a 2 down circuit.

So the world Analyst and Economist keep on downgrading our Indian Outlook. Who ever it may be S&P or Moody or Fitch - no difference in them.

Moody's Investors Service becomes the latest to cut India's growth forecasts this week.

As already CLSA and Citigroup cut their outlooks for India to 5.4 percent and 5.5 percent respectively.

An Lack of Policy decision, RBI's non-ability to react, Poor Monsoon, Slow Growth and wide range of Corruption every where are the said reason behind these.

>>>> NIFTY <<<<<

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

As shown in the Chart - looks like a Reverse H&S - But I feel that when ever a IHS formed on the Upper side may not get succeed.

If Nifty keeps falling it must breach 5300 and 5270 to make this pattern invalid. But if gets support from here - then a rally of another 300 points not ruled out.

EW suggest that a fall is inevitable as I have posed on tuesday. Refer that for clarity. As per my count nifty should breach 5032 and should make a low upto 4900 to 4800.

Lets see tomorrow as friday is an week end closing. Cheers!!!

Bulls are Tiered ???

Dear All,

Now its time for Telecom Stocks to get battered. Vodafone already had a tussle with Tax issue, Reliance communication is in deep trouble for Credit crunch. After failure in Rcom's IPO for Flag Telecom in Singapore, it knocked the doors of SBI for 3000 Crore Loan. Now Airtel Results shows that its suffering to sustain on both top line and Bottom line.

During the time of 3G action telecom operators across india has bid for it to boost their Revenue - as they faced a neck to neck competition in the sector. It seems Private Operators had paid 51,000 Crores for bidding 3G - hopping that may increasing their profit. Many got license and started their service - now realized that they can't do nothing as Revenues are not increasing.

Result shows that the Interest shoot up more than the Revenue.

Rcom had a Debt of 28 times more than their Revenue.

Tata Tele too in trouble as it lost almost 10% of its customer in last 1 Year after it ties with

Airtel now paying a Interest of 4.2% which was 2% previous Year. Now Bharti Airtel is planning for a IPO - Bharti Infratel - its tower Unit.

Govt. had a Major role in Destroying this Telecom sector via - 2G Scam.

>>>>>Nifty<<<<<

>Click the Chart to see on Full Screen<

As wrote on Monday - Nifty today touched 5376 and fell down to 5331. As per Channels marked on Chart - every time when the channel end,Nifty retraced atleast 38.2% or 50% once a sub wave is completed. A fall below 5270 may confirm further weakness.

Cheers!!!

Time to be CAUTIOUS !!!

Dear All,

Every Day different types of Bad News - seems like Entire world market including Indian markets are not listening to it, kept moving up. But the real ticking bomb is major Blue chips around the world are showing some or to say it first time slow down. Example like Microsoft the IT Giant in US showed Negative Result after it came into Public. It shows that the victims are every where and all around the world. Standard Chartered is now on the lime light and facing trouble for its Iranian Transaction, earlier we know HSBC also in trouble.

In India Vodafone case is running with out an end. Many Indian Banks witnessing a raising in NPA and even may increase further - if drought get declared due to their larger exposure in Agri Loan. Liquidity also in trouble due to RBI's right control and uncontrollable Inflation & worst GDP Figures.

All these shows that the Storm is getting ready to blow, So every one should understand it and get yourself ready for it.

So what does Technical Says :-

It seems like Nifty forming a Flat Correction. As per theory - a 3-3-5 correction is in formation. If that is the Case - may be Nifty should move like as shown below

Pattern 1:-

Above pattern is a Flat Correction A-B-C - which means wave B wont move above Wave A top and the down fall for Wave C should touch the bottom of Wave A.

That means Nifty may touch 5032 for wave C.

Pattern 2 :-

In this pattern wave B should exceed top of Wave A and should fall for Wave C. In this Case Wave C should break the low of Wave A. Means Nifty may fall below 5032. Possible Target can be 4900 or even 4800 in worst case.

>>>Click the Chart to see it on Full Screen<<

Now lets try to understand whats here in Nifty. As shown on the above chart, Nifty today made a high of 5350, previous high is 5348. If we take this as similar to pattern 1, then a Fall for Wave C should start form here to touch 5032.

As I said Yesterday (Please refer yesterday Post in case you have not read that) Nifty should move near to 5378-80 level, in chart marked as Key Resistance in Green colored, then Nifty fall for Wave C could be aggressive - Possibly may break 5032 for a Target of 4800 or even 4900 in worst case.

So Interesting days ahead - Lets wait for it. Cheers

Good Start

Dear All,

Today Nifty Started the Week with a Gap up. After a Massive run up of world market last friday, Nifty reacted positively today. Problems are always there and keep continuing - Only Optimistic words from Mario Draghi or Angela Morkel or even our FM Chidhambaram in India running the Market to High every day.

>>>Click the Chart to see it on Full Screen<<<

Is there any thing changed fundamentally - the answer is NO. Fiscal Deficit / Inflation / Drought or even Prices or Petrol keeps on Increasing day by day. No concrete action from Govt., Only words, words, words - there is no differences between these leaders.

But Trade is different form all these Blaw Blaw Blaw...

As per chart today - Nifty is riding for a sub wave C.

So as per theory if A = C then A = 214 Points & C should Rally for 214 Point from 5164 which means we have a Target of 5378. Today almost completed 61.8% retrace of sub wave A means Nifty still have another 100 Point rally pending from today's close of 5274. So lets wait to see some more Green. Cheers