18 MAY 2012: NIFTY - opening below 4800. Supports - 4790 > 4766 > 4740. (We need to prepare massive fall as 4830 is breaking now). Global recession ahead.

You must read previous articles and watch above chart carefully to understand this article completely.

It is going to be a massive gap down due to massive fall in US Market. DOW JONES has broken 12500 marks.

As NIFTY is going to break 4830 in gap down so we are in definite trouble for market ahead. I said yesterday that –

Ratio analysis is suggesting few important levels.

4830 – I consider a wave from 5630 to 5136, both figure is well known for every single trader. 1.618 times of wave A is suggesting for support at 4830.  (C= 1.618 X A = 4830)

If not then

4336 – It is 2.618 times of wave A. (C= 2.618 X A = 4336)

Yesterday I said, do not afraid but now I am afraid about this level too. Sooner or later we will head towards this one.

In between we have few supports to be tested today.

• 4790 = 76.40% from 5630 against the rise from 4531 to 5630. We must be opening near to this one.
• 4766 = we have seen a vertical dip from 5125 to 4903 few days back. 61.80% further dip from 4903 will end up at 4766
• 4740 = which is the reaction of actionary wave from 5136 to 5379. Take 1.618 times from 5136 or 2.618 times from 5379. It will give us 4740.

I have to accept that these might be toughest day for technicians too. It is very hard to predict the exact true levels.

Greece may default any time. If that happens then we will see the beginning of chain reaction which I have already talked earlier also.

Global is in recession and India might be worse affected. I will make update more about this during trading hours.

Depending on market condition we will release intraday updates too. Till that time, you can post your views also so that I can present better result for you.

Read www.viecapital.com for stocks views

Follow us on twitter a/c 'viecapital' to get intraday updates.

Thanks & Regards,

Praveen Kumar

Mail id – Praveen@viecapital.com

Mobile number – 09893369889