12 April 2012 - NIFTY VIEW- As long as stand above 5190, expect 5274
NIFTY TECHNICAL VIEW FOR 12 APRIL 2012
Yesterday and day before yesterday, I have suggested for support at 5193. Nifty has tested a low of 5191 and rebounded. I am not trying to be bullish but we can surely expect some corrective rise. Technicals suggests -
"As long as Nifty stand above 5190, we can expect levels of 5274. I am little doubtful for 5300 but that is not impossible."
Point is that - I will use dip to buy as long as 5190 sustain.
Few important point -
- IIP data to come today. Expected - 6.90% (Surprise if it comes @ 6.35%)
- Is RBI really active in secondary market?
- Rumours of repo rate cut coming.
Read stocks view at www.viecapital.com
Have a nice day,
Regards,
Praveen Kumar
3 comments
Nice to hear u.
5274 is a referred resistance of actionary wave - Y
Wave Y = 5499 to 5136.
Take 61.80% of wave Y = 5174 (A day after 5136, it had faced stiff resistance @ 5274 on rise).
NEXT IS NIFTY FUT TARGET OF 5305 - Well, its just a rebound of 61.80% of (5379-5191)= 5307
NIFTY FUT - roughly expected to be in 5305 to 5315.
(I am already trying long)
Take a note that now a day market is moving nearly 61.80% on actionary wave. Corrective waves are moving as high as 76.40% to 80%.
Depending on the nature of the wave you can easily calculate the magnitide of rise and call.