NIFTY: 03 May 2012: Corrective upward “c” wave has done. So fall now? Up to what levels?
First of all, I have a discloser that many of my subscribers are holding short on NIFTY FUT from 5285 levels. I have already suggested to you to watch these figures.
How these figures came-
- 5248 – 50% (of fall from 5342 to 5155) from 5155
- 5271 – 61.80% (of fall from 5342 to 5155) from 5155
- 5299 – 76.40% (of fall from 5342 to 5155) from 5155
When fall begins from 5279, I was closely watching the levels of 5271. Although high was at 5279 but during trading session it was never be comfortable above 5271.
Hence, I have initiated short @ 5280-5285 zone. We took partial profit @ 5260 for intraday then carried 50% of short.
Now, the next question is where I should watch today.
Here it is, (It was quoted few days back also).
- 5226 – 38.20% (of fall from 5342 to 5155) from 5155
Check yesterday’s low. It was on dot at those points. So my call is that even if Nifty kept on trading below 5226 then you can expect the retest 5200 to 5180. Then, market will be choppy.
Already quoted this also,
“. If fall comes then only we can enjoy trading. Let us see what is about to come. Just keep those figures in mind.”
It seems that those are coming. Please note that we are again on decisive phase from ‘ranging’ to ‘trending’ market. Trend can be downside.
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.
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Thanks & Regards,
Praveen Kumar
Mail id – Praveen@viecapital.com
Mobile number – 09893369889
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