Tuesday, July 23, 2013



Earlier felt that Nifty is making a diamond pattern and from where it could be chappy and break down.
Nifty slowly inched up and made 78.6% retracement of the previous fall ( from 6229 to 5566).

This entire retracement happened in a channel with many gap ups/downs.

Unless and until Nifty moves below 6018, Nifty can move higher. However Stochastic shows some -ve divergence on daily charts while price is moving higher.Caution is advised for those who like to be long.

Frpm 5566 to current rally, if we take it as Elite B wave, then

a. From 5566 to 5904 = 338 points
b. From 5904 to 5760 = 144 points
c. From 5760 to 6093 = 333 points
(6098 could be possible).
Which looks like a=c almost.

Tomorrow could be trend deciding day whether nifty surpass these levels and extend its gains. Also move above 78.6% retracement of previous fall.

1 comment:

  1. Nice analysis Anandha. BankNifty not supporting for the Nifty upmove. Let's see how the strength and support goes for Nifty.