NIFTY WEEKEND ANALYSIS

Hi Friends,


In the last post we were thinking about Nifty top around 5334. Well the question still remains unanswered. Nifty has till now managed to hold the Support of 5221. And the recent Down Move looks to be the Flat Correction.

NIFTY

1. As per our 1st alternative Nifty might have Topped Out at Wednesday's High of 5336.


2. Or as per 2nd alternative it has still further room to go to either 5481 or to 5738.


a. The current down move might be the Expanded Flat Correction in wave 4.  or


b. It might be Flat Correction in Wave (ii) of Extended 3rd Wave.


In Case of (a) the 5th would Terminate at 5481. And in case of (b) Wave 3 might extend till 5651 & 5th may reach our expected target of 5738.


So now a move above 5286-5334 might take Nifty towards 5481 where we would like to review the next course of action. Or A move below 5196 can take Nifty Down to 5051.


As of now we are still Bullish & aiming for minimum target of 5481.


So lets wait & watch..


Thanks & Regards,


Harsh Dixit.