Nifty moved upto about 5650 with higher volumes and neutral breadth.Important points for today.
1.Nifty up by 0.6% with 1.0 breadth.
2.77th day of rally since the lows of 4786.
Nifty moved upto 5650,though the breadth has been neutral for last3 days indicating that Nifty is moving up in resistance and short term correction should set in soon.Nifty's move above 5600 has broken a channel drawn from Nov highs of 5181.The break above 5600 does not pose any further big resistance on the upside.I expect that this could act as sentiment breaker for the bears and thus for the Nifty to make a Top.Unless 5350 is broken,Nifty's reversal could not be confirmed.Though with todays Weekly closing Nifty has completed 5 wave impulse from 4786 on weekly basiswith Wave1~=Wave5 and Wave3 being extended.Though My expectation is for a slide to the lows by Oct15,but if proven wrong I would extend my time range to ~Nov5(44th week of year).Beyond that I don't think I can make out any other scenario for the Nifty to go down in this year.
My probable scenario is for Nifty to go down to first lows by Oct-Nov'10 and then rally and then make final lows by Feb-Mar'11 and to retest those lows by July-Sept'11.
No comments:
Post a Comment