ॐ ह्रीं श्रीं लक्ष्मीभयो नमः॥
Mid-Session Outlook(07-01-2011)
As yesterday intraday charts showed consolidation patterns therefore expected that this process has begun but Nifty dipped below 5988 also which is crucial support also. If Nifty sustains below 5988 then it will be down move confirmations therefore sustaining below 5988 will be watched for deciding next trend.
Trading Levels for 07-01-11
Nifty Spot Levels for 07-01-11
R3 6196
R2 6156
R1 6102
AVG 6062
S1 6008
S2 5968
S3 5914
Nifty Jan Futures Levels for 07-01-11
R3 6210
R2 6172
R1 6122
AVG 6084
S1 6034
S2 5996
S3 5946
Bank Nifty Jan Futures Levels for 07-01-11
R3 11607
R2 11523
R1 11389
AVG 11305
S1 11171
S2 11087
S3 10953
R3 6196
R2 6156
R1 6102
AVG 6062
S1 6008
S2 5968
S3 5914
Nifty Jan Futures Levels for 07-01-11
R3 6210
R2 6172
R1 6122
AVG 6084
S1 6034
S2 5996
S3 5946
Bank Nifty Jan Futures Levels for 07-01-11
R3 11607
R2 11523
R1 11389
AVG 11305
S1 11171
S2 11087
S3 10953
Bullish Signals Amid Bearish News Flow
Pre-Open Market Outlook(07-01-2011)
Following lines were clearly told in the weekly on 03-01-2011:-
"minor/very short term correction is possible in the begining of week"
Indin markets are trapped between strong supports(5940-6006) and strong resistances(6065-6180). On going rally started on 10-12-2010 from 5721 and correction of 459 points rally started from 6180. Fibonacci correction levels of this rally are as follows:-
38.2%- 6042
50.0%- 6000
61.8%- 9558
70.7%- 5926
76.4%- 5905
78.6%- 5897
88.6%- 5861
Correction is on and following levels will also be kept in mind:-
1- 5988-6006- Strong support because Good consolidation between this range on 28-01-2011 and after that 27 days range broken out next day. Until Nifty does not slip below 5988 till then nothing to worry for bulls.
2- 5940- Intermediate term trend will remain up above it.
Long term and Intermediate term trends are up and short term trend is down after Last 5 sessions short term correction which is part of on going rally as well as a part of this process also.
Next resistance ranges are as follows:-
1- 6065-6180
2- 6180-6195
3- 6250-6320
Market will prepare first between 6006-6065 for next moves and it is also possible that it may slip below 6006 in consolidation process but until Nifty does not sustain below 5988 till then any weakness will not be considered.
Indian markets slipped ysterday and closed in Red but intra day charts of Indices and many pivotal stocks are suggesting consolidation. Nifty intra day chart of yesterday is showing following 3 bullish patterns;-
1- Water Fall Pattern
2- 5 Waves completed Falling Wedge Patterns
3- 4 hours intra day consolidations between 6025-6055.
1 Day Intraday Chart of Yesterday showing above Patterns:-
As consolidation signals above 6025 yesterday therefore until Nifty is above it till then any down move will not be considered. Allthough Nifty may slip below 6025 and/or 6006 in consolidation process but sustaining below these crucial levels is must for confirmation of any down trend.
First trading range of today is 6006-6065 and Nifty will prepare within it for next moves. Expected that consolidation will remain continued today and Nifty will cross 6065 within next couple of session and Green closing will be seen today.
Following lines were clearly told in the weekly on 03-01-2011:-
"minor/very short term correction is possible in the begining of week"
Indin markets are trapped between strong supports(5940-6006) and strong resistances(6065-6180). On going rally started on 10-12-2010 from 5721 and correction of 459 points rally started from 6180. Fibonacci correction levels of this rally are as follows:-
38.2%- 6042
50.0%- 6000
61.8%- 9558
70.7%- 5926
76.4%- 5905
78.6%- 5897
88.6%- 5861
Correction is on and following levels will also be kept in mind:-
1- 5988-6006- Strong support because Good consolidation between this range on 28-01-2011 and after that 27 days range broken out next day. Until Nifty does not slip below 5988 till then nothing to worry for bulls.
2- 5940- Intermediate term trend will remain up above it.
Long term and Intermediate term trends are up and short term trend is down after Last 5 sessions short term correction which is part of on going rally as well as a part of this process also.
Next resistance ranges are as follows:-
1- 6065-6180
2- 6180-6195
3- 6250-6320
Market will prepare first between 6006-6065 for next moves and it is also possible that it may slip below 6006 in consolidation process but until Nifty does not sustain below 5988 till then any weakness will not be considered.
Indian markets slipped ysterday and closed in Red but intra day charts of Indices and many pivotal stocks are suggesting consolidation. Nifty intra day chart of yesterday is showing following 3 bullish patterns;-
1- Water Fall Pattern
2- 5 Waves completed Falling Wedge Patterns
3- 4 hours intra day consolidations between 6025-6055.
1 Day Intraday Chart of Yesterday showing above Patterns:-
As consolidation signals above 6025 yesterday therefore until Nifty is above it till then any down move will not be considered. Allthough Nifty may slip below 6025 and/or 6006 in consolidation process but sustaining below these crucial levels is must for confirmation of any down trend.
First trading range of today is 6006-6065 and Nifty will prepare within it for next moves. Expected that consolidation will remain continued today and Nifty will cross 6065 within next couple of session and Green closing will be seen today.
Mid-Session Outlook(06-01-2011)
As inflation highly increasing news was in the pipe line therefore indian markets slipped immediately after opening today. Nifty trading below 6065 and in this manner has broken down last 5 days range. If Nifty sustains below 6065 today then it will be confirmation of last 5 days higher levels selling and that will mean testing levels below 6000. Last 2 hours intraday charts suggesting selling formations below 6065 therefore further down move is possible.
NIFTY-JAN F&O-1ST SHORTED ON 05-01-2011-COVERING
NIFTY JAN F & O(SHORTED ON 05-01-2011)-COVER IMMEDIATELY-CMP-6120
Next Trend Deciding Range 6065-6082
Pre-Open Market Outlook(06-01-2011)
Nifty formed the low at 6062 yesterday but I told well in advance for its happening in following words:-
1-Pre-Open(05-01-2011)- "As good selling at higher levels therefore slipping below 6128 possibility is high to test minimum 6080"
2- Pre-Open(04-01-2011)-
a-"Nifty will not sustain above 6178."
b-"yesterday intraday charts genuine selling patterns therefore slipping below 6154 will be seen"
3- Weekly(03-01-2011)- "Last 2 sessions(31-12-2010 & 30-12-2010) intraday charts are showing distribution signals therefore a minor/very short term correction is possible in the begining of week"
1- 31-12-2010- Nifty traded most of the time within-6115-6145
2- 30-12-2010- Nifty traded most of the time within-6065-6082
1-Technical Positions of Last 5 Days Intraday Chart:-
As intraday selling shown in first 2 days therefore minor/very short term correction was predicted on 03-01-2011 and it was seen as well as both 2 days intraday levels neutralised on 05-01-2011 also in single day market slipping. Nifty traded most of the time within-6065-6082 and Nifty again traded last 2 hours within 6065-6082 yesterday. Good selling at higher levels and Nifty trading last 2 hours within 30-12-2010 range is indicating its importance to decide next trend. I clearly mean to say that break out and sustaining above 6082 will mean on going correction completion and moving below 6065 will mean testing of important supports near 6000.
As selling has already been seen within 6065-6082 therefore once slipping below is expected but final moves will be decided after sustaining beyond this range. Market will decide today next moves near about or within 6065-6082 and today first 3/4 hours intraday charts will give indication of next moves market preperations. Global markets may also give direction to Indian markets in next couple of sessions.
As I never like to guess therefore will try to tell after today intrady charts analysis.
Nifty formed the low at 6062 yesterday but I told well in advance for its happening in following words:-
1-Pre-Open(05-01-2011)- "As good selling at higher levels therefore slipping below 6128 possibility is high to test minimum 6080"
2- Pre-Open(04-01-2011)-
a-"Nifty will not sustain above 6178."
b-"yesterday intraday charts genuine selling patterns therefore slipping below 6154 will be seen"
3- Weekly(03-01-2011)- "Last 2 sessions(31-12-2010 & 30-12-2010) intraday charts are showing distribution signals therefore a minor/very short term correction is possible in the begining of week"
1- 31-12-2010- Nifty traded most of the time within-6115-6145
2- 30-12-2010- Nifty traded most of the time within-6065-6082
1-Technical Positions of Last 5 Days Intraday Chart:-
As intraday selling shown in first 2 days therefore minor/very short term correction was predicted on 03-01-2011 and it was seen as well as both 2 days intraday levels neutralised on 05-01-2011 also in single day market slipping. Nifty traded most of the time within-6065-6082 and Nifty again traded last 2 hours within 6065-6082 yesterday. Good selling at higher levels and Nifty trading last 2 hours within 30-12-2010 range is indicating its importance to decide next trend. I clearly mean to say that break out and sustaining above 6082 will mean on going correction completion and moving below 6065 will mean testing of important supports near 6000.
As selling has already been seen within 6065-6082 therefore once slipping below is expected but final moves will be decided after sustaining beyond this range. Market will decide today next moves near about or within 6065-6082 and today first 3/4 hours intraday charts will give indication of next moves market preperations. Global markets may also give direction to Indian markets in next couple of sessions.
As I never like to guess therefore will try to tell after today intrady charts analysis.
Nifty Spot Levels for 06-01-11
R3 6205
R2 6173
R1 6126
AVG 6094
S1 6047
S2 6015
S3 5968
Nifty Jan Futures Levels for 06-01-11
R3 6231
R2 6191
R1 6147
AVG 6107
S1 6063
S2 6023
S3 5979
Bank Nifty Jan Futures Levels for 06-01-11
R3 11813
R2 11706
R1 11538
AVG 11431
S1 11263
S2 11156
S3 10988
R2 6173
R1 6126
AVG 6094
S1 6047
S2 6015
S3 5968
Nifty Jan Futures Levels for 06-01-11
R3 6231
R2 6191
R1 6147
AVG 6107
S1 6063
S2 6023
S3 5979
Bank Nifty Jan Futures Levels for 06-01-11
R3 11813
R2 11706
R1 11538
AVG 11431
S1 11263
S2 11156
S3 10988
NIFTY-JAN F&O-2ND SELLING TRADE OF 05-01-2011-TRADE
NIFTY(JAN FUT-SELL-POSITIONAL)SL-6146-TGT-6074-CMP-6107
NIFTY(JAN PUT OPTION-BUY-POSITIONAL)-S.P.FOR PUT-6100,6200-NIFTY(JAN FUT)-RATES ARE FOR-SL-6146-TGT-6074 FOR ALL OPTIONS-CMP-6107
NIFTY(JAN PUT OPTION-BUY-POSITIONAL)-S.P.FOR PUT-6100,6200-NIFTY(JAN FUT)-RATES ARE FOR-SL-6146-TGT-6074 FOR ALL OPTIONS-CMP-6107
NIFTY-JAN F&O-1ST SHORTING TRADE OF TODAY-COVERING
NIFTY JAN F & O(SHORTED TODAY)-COVER AND BOOK PROFIT IMMEDIATELY-CMP-6097
NIFTY-JAN F&O-1ST SHORTING TRADE OF TODAY-MESSAGE
NIFTY JAN F & O(SHORTED TODAY)-PLEASE DO NOT COVER AT TARGET AND WAIT FOR MY COVERING MESSAGE
NIFTY-JAN F&O-1ST SELLING TRADE OF 05-01-2011-TRADE
NIFTY(JAN FUT-SELL-POSITIONAL)SL-6151-TGT-6094-CMP-6134
NIFTY(JAN PUT OPTION-BUY-POSITIONAL)-S.P.FOR PUT-6100,6200-NIFTY(JAN FUT)-RATES ARE FOR-SL-6151-TGT-6094 FOR ALL OPTIONS-CMP-6134
NIFTY(JAN PUT OPTION-BUY-POSITIONAL)-S.P.FOR PUT-6100,6200-NIFTY(JAN FUT)-RATES ARE FOR-SL-6151-TGT-6094 FOR ALL OPTIONS-CMP-6134
NIFTY-JAN F&O-1ST SHORTING TRADE OF 04-01-2011-COVERING
NIFTY JAN F & O(SHORTED SHORTED ON 04-01-2011)-COVER AND BOOK PROFIT IMMEDIATELY-CMP-6139
Pre-Open Market Outlook(05-01-2011)
As intraday charts suggested therefore following lines were told at that time for yesterday when Dow and Nasdaq was trading +125 and +40 respectively:-
1- All the global markets closed with strong gains and Us markets are also trading more than 1% up at this moment therefore positive opening expected today but Nifty will not sustain above 6178.
2- intraday charts genuine selling patterns therefore slipping below 6154 will be seen and Red closing expected today despite most bullish global sentiments.
Nifty traded most of the time in Red area yesterday with good amount of voltality and good selling formations at higher levels which are shown in following yesterday intraday charts:-
Following lines were told for last 4 sessions selling formations:-
1- On 03-01-2011 in Weekly:-"Last 2 sessions intraday charts are showing distribution signals "
2- On 04-01-2011 in Pre-Open:-
a- " intraday charts are showing genuine selling formations"
b- "Red closing expected today despite most bullish global sentiments"
3- On 04-01-2011 in Mid-Session-2:- Follow up selling seen today and more down move possibilities can not be ruled out.
Rally begun after genuine buying on 28-12-2010 and selling seen during up moves as well as last 2 days selling within 6145-6178 also. As last 2 days selling seen just below next resistance range(6180-6195) also therefore this raesistance strengthened and slipping below 6128 will mean faster down moves begining. Good consolidations requires now to cross 6180.
Nifty traded within 6128-6178 in last 2 sessions with good selling at higher levels and sustaining below 6128 will mean short term correction commencement to test lower levels within 6000-6080.
As good selling at higher levels therefore slipping below 6128 possibility is high to test minimum 6080.
1- All the global markets closed with strong gains and Us markets are also trading more than 1% up at this moment therefore positive opening expected today but Nifty will not sustain above 6178.
2- intraday charts genuine selling patterns therefore slipping below 6154 will be seen and Red closing expected today despite most bullish global sentiments.
Nifty traded most of the time in Red area yesterday with good amount of voltality and good selling formations at higher levels which are shown in following yesterday intraday charts:-
1- On 03-01-2011 in Weekly:-"Last 2 sessions intraday charts are showing distribution signals "
2- On 04-01-2011 in Pre-Open:-
a- " intraday charts are showing genuine selling formations"
b- "Red closing expected today despite most bullish global sentiments"
3- On 04-01-2011 in Mid-Session-2:- Follow up selling seen today and more down move possibilities can not be ruled out.
Rally begun after genuine buying on 28-12-2010 and selling seen during up moves as well as last 2 days selling within 6145-6178 also. As last 2 days selling seen just below next resistance range(6180-6195) also therefore this raesistance strengthened and slipping below 6128 will mean faster down moves begining. Good consolidations requires now to cross 6180.
Nifty traded within 6128-6178 in last 2 sessions with good selling at higher levels and sustaining below 6128 will mean short term correction commencement to test lower levels within 6000-6080.
As good selling at higher levels therefore slipping below 6128 possibility is high to test minimum 6080.
Trading Levels for 05-01-11
Nifty Spot Levels for 05-01-11
R3 6233
R2 6207
R1 6176
AVG 6150
S1 6119
S2 6093
S3 6062
Nifty Jan Futures Levels for 05-01-11
R3 6260
R2 6235
R1 6197
AVG 6172
S1 6134
S2 6109
S3 6071
Bank Nifty Jan Futures Levels for 05-01-11
R3 12198
R2 12074
R1 11843
AVG 11719
S1 11488
S2 11364
S3 11133
R3 6233
R2 6207
R1 6176
AVG 6150
S1 6119
S2 6093
S3 6062
Nifty Jan Futures Levels for 05-01-11
R3 6260
R2 6235
R1 6197
AVG 6172
S1 6134
S2 6109
S3 6071
Bank Nifty Jan Futures Levels for 05-01-11
R3 12198
R2 12074
R1 11843
AVG 11719
S1 11488
S2 11364
S3 11133
NIFTY-JAN F&O-1ST SELLING TRADE OF 04-01-2011-TRADE
NIFTY(JAN FUT-SELL-POSITIONAL)SL-6191-TGT-6114-CMP-6153
NIFTY(JAN PUT OPTION-BUY-POSITIONAL)-S.P.FOR PUT-6100,6200-NIFTY(JAN FUT)-RATES ARE FOR-SL-6191-TGT-6114FOR ALL OPTIONS-CMP-6153
NIFTY(JAN PUT OPTION-BUY-POSITIONAL)-S.P.FOR PUT-6100,6200-NIFTY(JAN FUT)-RATES ARE FOR-SL-6191-TGT-6114FOR ALL OPTIONS-CMP-6153
Both Bullish and Bearish formations in a day
Inverse Head and Shoulders formations and Head and Shoulders formations with forceful break out of Neck Lines in both formations
(Just click on chart for its enlarged view)
Inverse Head and Shoulders formations and forceful break out of Neck Line
(Just click on chart for its enlarged view)
Mid-Session-3(04-01-2011)
Some intraday selling seen near 6152(tripple top) as well as some support also seen at 6126(higher bottom formation). Nifty will prepare within 6126-6152 for next moves and final view will be formed after mentioned range break out and sustaing beyond.
Mid-Session-2(04-01-2011)
Follow up selling seen today and more down move possibilities can not be ruled out.
Mid-Session(04-01-2011)
As intraday charts showed genuine selling patterns therefore intraday and very short term correction was projected and seen immediately after opening today. All trends are up and follw up selling requires today for more down move confirmations.
Indian markets slipped into Red despite strong global cues and it is first weakness signal. Let market prepare for next moves and intraday charts complete a formation then will be decided accordingly.
Indian markets slipped into Red despite strong global cues and it is first weakness signal. Let market prepare for next moves and intraday charts complete a formation then will be decided accordingly.
NIFTY-JAN F&O-1ST SHORTING TRADE OF 03-01-2011-COVERING
NIFTY JAN F & O(SHORTED SHORTED ON 03-01-2011)-COVER AND BOOK PROFIT IMMEDIATELY-CMP-6158
NIFTY-JAN F&O-1ST SHORTING TRADE OF 03-01-2011-MESSAGE
NIFTY JAN F & O(SHORTED SHORTED ON 03-01-2011)-GLOBAL MARKETS STRONG TODAY MORNING BUT HOLD AND JUST WAIT FOR MY COVERING MESSAGE
Mnor Intraday or Very Short Term Correction Possible
Pre-Open Market Outlook(04-01-2011)
All trends are up. Nifty traded with most heated sentiments within 6154-6178 yesterday and intraday charts are showing genuine selling formations therefore consolidation is must for sustaining above 6178. All the global markets closed with strong gains and Us markets are also trading more than 1% up at this moment therefore positive opening expected today but Nifty will not sustain above 6178.
Short term indicators are overbought and yesterday intraday charts genuine selling patterns therefore slipping below 6154 will be seen and Red closing expected today despite most bullish global sentiments.
All trends are up. Nifty traded with most heated sentiments within 6154-6178 yesterday and intraday charts are showing genuine selling formations therefore consolidation is must for sustaining above 6178. All the global markets closed with strong gains and Us markets are also trading more than 1% up at this moment therefore positive opening expected today but Nifty will not sustain above 6178.
Short term indicators are overbought and yesterday intraday charts genuine selling patterns therefore slipping below 6154 will be seen and Red closing expected today despite most bullish global sentiments.
Trading Levels for 04-01-11
Nifty Spot Levels for 04-01-11
R3 6207
R2 6193
R1 6175
AVG 6161
S1 6143
S2 6129
S3 6111
Nifty Jan Futures Levels for 04-01-11
R3 6233
R2 6220
R1 6201
AVG 6188
S1 6169
S2 6156
S3 6137
Bank Nifty Jan Futures Levels for 04-01-11
R3 12021
R2 11988
R1 11942
AVG 11909
S1 11863
S2 11830
S3 11784
R3 6207
R2 6193
R1 6175
AVG 6161
S1 6143
S2 6129
S3 6111
Nifty Jan Futures Levels for 04-01-11
R3 6233
R2 6220
R1 6201
AVG 6188
S1 6169
S2 6156
S3 6137
Bank Nifty Jan Futures Levels for 04-01-11
R3 12021
R2 11988
R1 11942
AVG 11909
S1 11863
S2 11830
S3 11784
NIFTY-JAN F&O-1ST SELLING TRADE OF 03-01-2011-TRADE
NIFTY(JAN FUT-SELL-POSITIONAL)SL-6211-TGT-6144-CMP-6180
NIFTY(JAN PUT OPTION-BUY-POSITIONAL)-S.P.FOR PUT-6100,6200-NIFTY(JAN FUT)-RATES ARE FOR-SL-6211-TGT-6144 FOR ALL OPTIONS-CMP-6180
NIFTY(JAN PUT OPTION-BUY-POSITIONAL)-S.P.FOR PUT-6100,6200-NIFTY(JAN FUT)-RATES ARE FOR-SL-6211-TGT-6144 FOR ALL OPTIONS-CMP-6180
Mid-Session-2(03-01-2011)
Indian markets under performing and selling signal are also seen in today intraday charts. Until Nifty will not sustain above 6180 till then next up move will not be considered.
Mid-Session(03-01-2011)
All the global markets are welcoming 2011 with strong gains today morning. Asian markets are more than 1% up and Dow's futures is trading more than 60 points up therefore Indian markets opened gap up. Bull rally is on and according to its nature it corrects and consolidate at higher levels also. As sentiment is over heated today morning therefore cooling down in intraday correction is must for fresh long positions. Let market form minumum intraday base then buying should be considered.
Rally is continued after last week Break Out
Weekly Analysis- 03-01-2011 to 07-01-2011
Wishing you all a very Prosperous, Happy, Healthy & Wealthy New Year 2011
All trends are up, 5th impulsive sub-wave of wave 3 confirmed in last week after completing intermediate term correction in 27 sessions range bound moves.
1-Waves Structure of on going Trend chart:-
Nifty closed at 6135 after forming high at 6147 last Friday. Next resistance ranges are of Indian markets are as follows:-
1- 6180-6195
2- 6250-6320(strong resistance)
5th impulsive sub-wave of wave 3 commenced in last week its Projections and targets are as follows
1- 1st impulsive sub-wave of wave 3 moved up- 5399-3919=1480 points up
2- 2nd corrective sub-wave of wave 3 moved up- 5399-4786=613 points down
3- 3rd impulsive sub-wave of wave 3 moved up- 6339-4786=1553 points up
4- 4th corrective sub-wave of wave 3 moved down- 6339-5690=649 points down
5- 5th impulsive sub-wave of wave 3 if on from 5690 with following projections:-
A- As per Elliot Wave theory "Wave 3 should not be shorter than both Wave 1 and Wave 5" therefore Wave 5 will move up less than 1553 point. Wave 5 started from 5690 and its:-
Wave 5 maximum lenth will be:- 5690+1553= 7243
B- 4th corrective sub-wave was 649 points down and will be better to draw Fibonacci levels acccording to that:-
1- 123.6%- 6492
2- 138.2%- 6586
3- 150.0%- 6663
4- 161.8%- 6740
5- 176.4%- 6834
6- 200.0%- 6988
7- 223.6%- 7141
As per theory Nifty will positively retrace before testing 7243 and then ABC correction of Wave-3 will be seen according to Fibonacci levels from the top to origin point of Wave-3(3919)
Conclusion
Uptrend got confirmation last week and will be seen now to test above mentioned levels. Complete distribution patterns require for begining of any down trend and until that will not happen minimum on EOD charts till then and any down move will not be considered. Intraday and very short term correction of previous fast up moves always happens to cool down sentiments and that will be seen regularly.
Bullish formations,Trnd lines and Break out:-
Last 2 sessions intraday charts are showing distribution signals therefore a minor/very short term correction is possible in the begining of week and fresh rally will be seen after mentioned correction completion in the coming week.
Finally rally will remain continued and weekly closing will be in Green.
Wishing you all a very Prosperous, Happy, Healthy & Wealthy New Year 2011
All trends are up, 5th impulsive sub-wave of wave 3 confirmed in last week after completing intermediate term correction in 27 sessions range bound moves.
1-Waves Structure of on going Trend chart:-
Nifty closed at 6135 after forming high at 6147 last Friday. Next resistance ranges are of Indian markets are as follows:-
1- 6180-6195
2- 6250-6320(strong resistance)
5th impulsive sub-wave of wave 3 commenced in last week its Projections and targets are as follows
1- 1st impulsive sub-wave of wave 3 moved up- 5399-3919=1480 points up
2- 2nd corrective sub-wave of wave 3 moved up- 5399-4786=613 points down
3- 3rd impulsive sub-wave of wave 3 moved up- 6339-4786=1553 points up
4- 4th corrective sub-wave of wave 3 moved down- 6339-5690=649 points down
5- 5th impulsive sub-wave of wave 3 if on from 5690 with following projections:-
A- As per Elliot Wave theory "Wave 3 should not be shorter than both Wave 1 and Wave 5" therefore Wave 5 will move up less than 1553 point. Wave 5 started from 5690 and its:-
Wave 5 maximum lenth will be:- 5690+1553= 7243
B- 4th corrective sub-wave was 649 points down and will be better to draw Fibonacci levels acccording to that:-
1- 123.6%- 6492
2- 138.2%- 6586
3- 150.0%- 6663
4- 161.8%- 6740
5- 176.4%- 6834
6- 200.0%- 6988
7- 223.6%- 7141
As per theory Nifty will positively retrace before testing 7243 and then ABC correction of Wave-3 will be seen according to Fibonacci levels from the top to origin point of Wave-3(3919)
Conclusion
Uptrend got confirmation last week and will be seen now to test above mentioned levels. Complete distribution patterns require for begining of any down trend and until that will not happen minimum on EOD charts till then and any down move will not be considered. Intraday and very short term correction of previous fast up moves always happens to cool down sentiments and that will be seen regularly.
Bullish formations,Trnd lines and Break out:-
Last 2 sessions intraday charts are showing distribution signals therefore a minor/very short term correction is possible in the begining of week and fresh rally will be seen after mentioned correction completion in the coming week.
Finally rally will remain continued and weekly closing will be in Green.
Trading Levels for 03-01-11,Next Week & Jan 2011 Levels
Nifty Spot Levels for 03-01-11
R3 6196
R2 6171
R1 6153
AVG 6128
S1 6110
S2 6085
S3 6067
Nifty Jan Futures Levels for 03-01-11
R3 6237
R2 6209
R1 6186
AVG 6158
S1 6135
S2 6107
S3 6084
Bank Nifty Jan Futures Levels for 03-01-11
R3 12112
R2 11994
R1 11916
AVG 11798
S1 11720
S2 11602
S3 11524
Nifty Spot Weekly Levels (03 Jan to 07 Jan 2011)
R3 6359
R2 6253
R1 6194
AVG 6088
S1 6029
S2 5923
S3 5864
(Jan-2011)(Monthly Levels)
R3 6707
R2 6427
R1 6281
AVG 6001
S1 5855
S2 5575
S3 5429
R3 6196
R2 6171
R1 6153
AVG 6128
S1 6110
S2 6085
S3 6067
Nifty Jan Futures Levels for 03-01-11
R3 6237
R2 6209
R1 6186
AVG 6158
S1 6135
S2 6107
S3 6084
Bank Nifty Jan Futures Levels for 03-01-11
R3 12112
R2 11994
R1 11916
AVG 11798
S1 11720
S2 11602
S3 11524
Nifty Spot Weekly Levels (03 Jan to 07 Jan 2011)
R3 6359
R2 6253
R1 6194
AVG 6088
S1 6029
S2 5923
S3 5864
(Jan-2011)(Monthly Levels)
R3 6707
R2 6427
R1 6281
AVG 6001
S1 5855
S2 5575
S3 5429
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