Technical Analysis and Research & Market Outlook
Nifty-EOD Chart(28-Oct-2011):-
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1- 2008 Crash and its 5 waves completed on 27-10-2008 at 2252.
2- 5 months range bound consolidation
3- Range break out in March 2009
4- Impulsive Wave 1 confirmation on 27-10-2008 from 2252.
5- Wave-3 completed at 6338.50 on 05-11-2010 and Wave-4 begun.
6- Wave-4 completed at 4720 on 26-08-2011 and Wave-5 begun.
7- Wave-5 beginning confirmation on 28-10-2011 after crossing the 54 Sessions range, 94 points gap and sustaining above 5323.
Conclusions
Impulsive Wave-5 beginning confirmation therefore expected that strong rally will be seen above all time high in the coming months and year(2012) as well as minimum target in 2012 is 6652(113% of Wave-3)