29 June 2012: Nifty Elliott wave analysis: We may expect beginning of wave ‘a’ anytime now from levels below 5194 - 5209. Sell on rise, SGX is hinting for 40 points higher start. Do jump to buy or sell immediately.

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

It seems that Dr. Manmohan Singh is back to action and work. There are some outcomes over GAAR which may try to give some sentiment boost up for FII. Lots of clarification has yet to come.

Out come of euro summit – will again be nothing. I have lesser to believe and higher reason for ‘not’ to believe. I will take as it comes.

It is derivative expiry and we must just focus on technical charts. Waves are as following: -

Wave 1 – 4770.35 to 4898.95 = 128.60 points (Up)

Wave 2 – 4898.95 to 4847.70 = 051.25 points (Corrective down)

Wave 3 – 4847.70 to 5190.20 = 324.50 points (Up)

Wave 4 – 5190.20 to 5041.70 = 148.50 points (Corrective down)

Wave 5 – 5041.70 to 5194.60 = 152.90 points (Up)

(Wave 3) = 2.525* (wave 1) ~ 2.618*(wave 1) – This is key to plot this five wave. You cannot plot anywhere you want. You cannot violate basic rules to plot waves. This is most correct wave plotting in my view. More over, - (Wave 5) ~ > (wave 1) – a required condition. Break and trade below 5080 will surely push us lower any day any time.

For 29 June 2012 – trading strategy –

SGX is hinting for opening @ 5190+. Take a note that it is against the fall on Nifty july month future in last 15 minutes. So do not assume that Nifty will see that kind of opening what SGX is hinting.

I am quoting things for Nifty (Not for NIFTY July future). If Nifty comes above 5190 then short Nifty with stop loss of just 20 points (say, resistance @ 5209, from how many days I am saying?). Then wait for second half, which may be bad.

In the above chart there is a charting formation, which is known as diamond chart formation. 80% of the time it favours bears. So the top of 5^th wave may/will not see extension. Even if it comes it will not see any greater extension. I will be surprised if it comes at 5250-5300.

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28 June 2012: Nifty Elliott wave analysis: 5th wave may not see any great extension. 5209 should remain untested. Sell on rise, SGX is hinting for 20-25 points’ higher start. Caution on expiry day is strongly advised.

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

It was another expected dull day yesterday. Prime minister asked MoF to start with fire-bridge reforms. Will that enough to start with reforms? Looking on the history of UPA history, I am not hoping anything. These are just talk to boost the moral, nothing else.

Out come of euro summit – will again be nothing. I have lesser to believe and higher reason for ‘not’ to believe.

It is derivative expiry and we must just focus on technical charts. Waves are as following: -

Wave 1 – 4770.35 to 4898.95 = 128.60 points (Up)

Wave 2 – 4898.95 to 4847.70 = 051.25 points (Corrective down)

Wave 3 – 4847.70 to 5190.20 = 324.50 points (Up)

Wave 4 – 5190.20 to 5041.70 = 148.50 points (Corrective down)

Wave 5 – 5041.70 to 5194.60 = 152.90 points (Up)

(Wave 3) = 2.525* (wave 1) ~ 2.618*(wave 1) – This is key to plot this five wave. You cannot plot anywhere you want. You cannot violate basic rules to plot waves. This is most correct wave plotting in my view. More over, - (Wave 5) ~ > (wave 1) – a required condition. Break and trade below 5080 will surely push us lower any day any time.

For 28 June 2012 – trading strategy –

SGX is hinting for opening @ 5160+. It can give a push towards 5190 on NIFTY as well as NIFTY FUTURE. I am already saying that I am not the firm believer for the cross of 5209. So short on rise and keep stop loss @ 5209. No ‘if’, no ‘but’. Regular readers are fully aware that we were the first one to come out with importance of 5090. Look at now, everyone is talking.

In the above chart there is a charting formation, which is known as diamond chart formation. 80% of the time it favours bears. So the top of 5^th wave may/will not see extension. Even if it comes it will not see any greater extension. I will be surprised if it comes at 5250-5300.

Our intraday update will begin from 9:30 am onwards and this article will be updated every hours. Do visit again at www.viecapital.com

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26 June 2012: Nifty Elliott wave analysis: It is indicating for support at 5090-5080 from past so many days. As long as it holds it may try to extend fifth wave. Will it be another dull day?

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

Yesterday was perhaps the dullest day of recent time. Now we are just one day away from derivative expiry. As of now, global market took a pause in fall. We are showing better relative strength from past few days. So will that relative strength convert to bull’s power? It is interesting to see.

I must tell you the reason for no weakness in stock market - Market is expecting that upcoming one month will be important for reforms as PM is taking charge of Finance ministry. Market is hoping a lot from the father of reforms Dr. Manmohan Singh. This is the prime reason that even I do not want too short this market immediately as our market runs on hopes. (Am I optimistic? No, not at all. I am not expecting anything from this government)

There is one concern which is bigger than any anther negative cues. It is –

IMD has warned that we may have weakest south-east monsoon of past 30 years. It is perhaps due to al-nino effect. Although al nino has resulted below normal monsoon by 17 out of 40 times. Warning is still a warning. Our nation is struggling with ‘inflation’ and poor monsoon can ignite inflation anytime. (One must note that I have already forecasted by 10-11% inflation by November 2012).

For today,

            I am again repeating for support at 5090. You know from when I am giving this level. Now almost every one is talking about this support. My study will remain same. Do not short near to 5100 levels as long as 5090 hold.

On higher side cross above 5136 (quoted yesterday and it seen one dip from 5134.55) will give us 5156 and then a move towards 5190 levels (not necessarily to be tested) but may not cross 5195.

Waves are as following: -

Wave 1 – 4770.35 to 4898.95 = 128.60 points (Up)

Wave 2 – 4898.95 to 4847.70 = 051.25 points (Corrective down)

Wave 3 – 4847.70 to 5190.20 = 324.50 points (Up)

Wave 4 – 5190.20 to 5041.70 = 148.50 points (Corrective down)

Wave 5 – 5041.70 to 5194.60 = 152.90 points (Up)

(Wave 3) = 2.525* (wave 1) ~ 2.618*(wave 1) – This is key to plot this five wave. You cannot plot anywhere you want. You cannot violate basic rules to plot waves. This is most correct wave plotting in my view.

More over,

(Wave 5) ~ > (wave 1) – a required condition

Break and trade below 5080 will surely push us lower today.

Our intraday update will begin from 9:30 am onwards and this article will be updated every hours. Do visit again at www.viecapital.com

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26 June 2012: Nifty Elliott wave analysis: Read 5 wave development on charts. Baby step reforms will not help us. Government must bring more and market is still hopeful (but I am not). Support range 5090-5080.

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

Important development of charts –

• Nifty has 38.20% resistance @ 5209 (from 5630 against the rise from 4531 to 5630). We have seen fall from those resistance with high @ 5191. (remain untested even after yesterday’s efforts).
• 5029 – It is 38.20% of rise against 4770 to 5191.
• 5080 – Mid point of 5631 to 4531, hence a critical support. Some retrenchment is giving 5090 also. So the range is 5090-5080 as support. 

 Nifty has crossed 5191 for few minutes yesterday and then slipped with a confirmation on chart tat 5209 is not an easy kind of resistance to cross. Thanks to baby step reform by government of India. I am sure that blind optimism will drive till next monetary policy.

With yesterday’s top I am in the position to plot this as five rising waves. I must say that no matter what is happening in domestic and global front but charts are yet having strength. Wave are as following: -

Wave 1 – 4770.35 to 4898.95 = 128.60 points (Up)

Wave 2 – 4898.95 to 4847.70 = 051.25 points (Corrective down)

Wave 3 – 4847.70 to 5190.20 = 324.50 points (Up)

Wave 4 – 5190.20 to 5041.70 = 148.50 points (Corrective down)

Wave 5 – 5041.70 to 5194.60 = 152.90 points (Up)

(Wave 3) = 2.525* (wave 1) ~ 2.618*(wave 1) – This is key to plot this five wave. You cannot plot anywhere you want. You cannot violate basic rules to plot waves. This is most correct wave plotting in my view.

More over,

(Wave 5) ~ > (wave 1) – a required condition

Break and trade below 5080 will surely push us lower today.

I have said that as long as 5090 sustain we can expect the extension towards 5209 or closer. I have considered that yesterday’s move was just one of that attempts which failed.

Now for today –

Once again keep an eye on 5090-5080 as support. If it breaks then we will see fall towards 5029 and then perhaps break of 5000 psychological mark.

On higher side 5136 will be a tougher resistance to cross. Few days back I said that above 5100, it is a sell-on-rise market. What we are getting is just the confirmation of that. It is not easy to stand or taking short in even flows.

Our intraday update will begin from 9:30 am onwards and this article will be updated every hours. Do visit again at www.viecapital.com

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25 June 2012: Nifty Elliott wave analysis: Quoted support @ 5090, it has saved so advance will continue up to 5209. Cross over will generate target @ 5250 levels. Is the CRR cut coming? Must watch USD vs INR too.

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

Important development of charts –

• Nifty has 38.20% resistance @ 5209 (from 5630 against the rise from 4531 to 5630). We have seen fall from those resistance with high @ 5191.
• 5029 – It is 38.20% of rise against 4770 to 5191.
• 5080 – Mid point of 5631 to 4531, hence a critical support. Some retrenchment is giving 5090 also. So the range is 5090-5080 as support. 

Once again, our quoted support of 5090 saved and Nifty rebounded. It came higher and closed near 5150 levels. Now when FM himself quoted for major announcement for Monday then I am sure that markets will remains stronger on speculations. 

I am quoting from past few days,

“I have to give you alter sense, suppose if we kept on trading above 5040-5029 after all odd then it must force every technician to bet for the fresh wave of rise which can end up somewhere in this way –

5040 + 420 (rise from 4770-5190) = 5460. Or it can move 38% (5200), 50% (5250) or 62% (5300) advance pattern. These are possibilities and I am not very sure about that. Let us see.”

As long as things remain favourable we cannot expect any major correction. We can have many serious fundamental troubles but charts are not indicating any weakness yet. If market starts discounting bad new then it is itself the beginning of good move.

It is also true that there is no major participation from FII or DII side. In spite of that we may advance more after few days of choppy trades. I am keeping and advising to press stop loss at 5090-5080 levels.

Break and trade below 5080 will surely push us lower today.

My technical charts are suggesting that as long as we are above 5090 we can expect 5209. Cross of 5209 will give us 5249 then 5280 + levels too.

Our intraday update will begin from 9:30 am onwards and this article will be updated every hours. Do visit again at www.viecapital.com

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RBI will announce steps to improve markets on Monday: Pranab Mukherjee

Kolkata: Finance Minister Pranab Mukherjee on Saturday reassured that the Reserve Bank of India (RBI) will make some strategic announcements on Monday to improve the sentiment on the Dalal Street.

"The Reserve Bank will announce some measures on Monday that will improve the markets,"

Pranab said in Kolkata.

"Steps have been taken in consultation with the RBI Governor, expect announcements on Monday that will improve the market condition," Pranab added.

Pranab also said that though the Indian economy was week, but its fundamentals were strong. "A large economy like India cannot remain insulated from external influences. I'm concerned, but not depressed as the fundamentals of Indian economy are strong. This year, thus far, there is positive FII inflow of $ 8 billion," Pranab said.

Pranab's assurance comes a day after the rupee fell to a record low of 57 per dollar. The rupee fell to 57.37 against the US dollar on Friday, recording this year's biggest fall of 85 paise in a day, on increased demand from oil importers.

The currency has declined over 20 per cent in the past one year and traders expect the currency to weaken further to 58 against the dollar in future.

22 June 2012: Nifty Elliott wave analysis: Rumors or bad news flow, but if it saves 5090-5080 after gap down then we may see shocking move again. Expect weakness below 5080 only.

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

Important development of charts –

• Nifty has 38.20% resistance @ 5209 (from 5630 against the rise from 4531 to 5630). We have seen fall from those resistance with high @ 5191.
• 5029 – It is 38.20% of rise against 4770 to 5191.
• 5080 – Mid point of 5631 to 4531, hence a critical support. Some retrenchment is giving 5090 also. So the range is 5090-5080 as support.  

I have already discussed the importance of 5090-5100 levels many times in past few days. Even yesterday it kept on saving 5090 and rebounded in its own style. It was backed by rumors but charts have its own direction. Break below 5080 will lead us towards 5040 to 5029 levels.

One must note that the rising trend which begins from 4770 can be concluded as end only and only if it close below 5029. As long as 5029 sustain we can see what we are witnessing now, a frequent pullback by bulls.

SGX NIFTY is right at 5120. Yes, US market has slipped by 2% last night. It was the dual impact of fear of slow down and downgrade of prime banks. Do not worry; even our own fundamentals are as bad as those. It is different issue that we are still raising. One must look as USD vs INR equation.

So, after a 50-60 points of GAP DOWN one should not be tempted for shorting. If this gap does not fill up then it will be named as bear gap down but that can be confirmed only during trading hours.

After gap down, one must again focus for the support at 5090 to 5080 levels. It is a very simple principle that after gap down one must be very careful. Today is going to be very important day. One must be careful about volatility and one sided move in second half, may be after 2 pm. Just like yesterday.

Charts are still suggesting unexpected will be nothing. It is trying to move higher. I am considering 5190-5209 as only crucial resistance. Do take a note that for intraday 5134 < 5156 may again play a major role. I have already given this in past few days.

Break and trade below 5080 will surely push us lower today.

I have to give you alter sense, suppose if we kept on trading above 5040-5029 after all odd then it must force every technician to bet for the fresh wave of rise which can end up somewhere in this way –

5040 + 420 (rise from 4770-5190) = 5460. Or it can move 38% (5200), 50% (5250) or 62% (5300) advance pattern. These are possibilities and I am not very sure about that. Let us see.

Our intraday update will begin from 9:30 am onwards and this article will be updated every hours. Do visit again at www.viecapital.com

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21 June 2012: Nifty Elliott wave analysis: Keep an eye on 5098; break below this will push us lower towards 5040 levels. Resistance will be at 5134 and 5156.

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

Important development of charts –

• Nifty has 38.20% resistance @ 5209 (from 5630 against the rise from 4531 to 5630). We have seen fall from those resistance with high @ 5191.
• 5029 – It is 38.20% of rise against 4770 to 5191.

No, QE 3 comes in FOMC meet yesterday but still US market closed on flat note. Well, this was the last hope that market were betting in last few days. I have already expressed by view earlier also that I am not expecting any QE 3.

Remember, in recent few months, all global market is running by politics rather than economy. I have a view for QE3, if it has to come then it will come near US president election to get some political mileage. In recent few months, Economy fundamental is just not justifying stock price. For example, India has a GDP growing with pace 5.30% and we are still rising. I am a technical trader and I have to follow my charts, hence I have traded long.

For Nifty my view remains same as follow: -

Nifty will have resistance at 5134 and 5156. Break below 5098 will generate weakness for 5080. If we kept on trading below 5080 then we can even visit 5040. Then the most crucial level will stand at 5029.

If we break and close below 5029 then only I can say that rising wave is changing the direction.

In past few days Nifty kept on trading in just 100 points with one day up and next day down kind of pattern. Practically these kinds of moves are impossible to trade, if you are not lucky enough.

Our intraday update will begin from 9:30 am onwards and this article will be updated every hours. Do visit again at www.viecapital.com

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Nifty Elliott wave analysis: As long as 5029 sustain, we need to conclude for continuation of rise. We may face resistance and one has to the final one. All eye on FOMC meet

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

Important development of charts –

• Nifty has 38.20% resistance @ 5209 (from 5630 against the rise from 4531 to 5630). We have seen fall from those resistance with high @ 5191.
• 5029 – It is 38.20% of rise against 4770 to 5191.

I have quoted for resistance in the zone of 5090 to 5100 and Nifty has closed above 5100 marks, denied all possibilities of weakness from resistance levels. It seems that it is the optimism that is driving the market right now.

I put this market for sell-on-rise. We got first rise yesterday and even today seems to be no different day. So, it is the suitable time to see exactly what is happening during trading hours. Hence, I try to explain things based on 30 minutes intraday chart which is placed above. It can give you the sense of volatility.

I must accept (rather I am forced to accept) that this market is showing better-than-expected- relative strength.

I have counted a wave from 4770 to 5191 then the fall from 5191 to 5041 is the corrective one. We can explain and try to correlate the coming rise (from yesterday) with the fall from 5191.

It is telling us that we can see the up to 5134 and then may be t 5156. Those must be the intraday hurdle. Equally, any of these two levels can act as reversal points.

Break and trade below 5080 will surely push us lower today.

I have to give you alter sense, suppose if we kept on trading above 5040-5029 after all odd then it must force every technician to bet for the fresh wave of rise which can end up somewhere in this way –

5040 + 420 (rise from 4770-5190) = 5460. Or it can move 38% (5200), 50% (5250) or 62% (5300) advance pattern. These are possibilities and I am not very sure about that. Let us see.

Our intraday update will begin from 9:30 am onwards and this article will be updated every hours. Do visit again at www.viecapital.com

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19 June 2012: Nifty Elliott wave analysis: It has slipped before our given resistance @ 5209. Now support @ 5029. It is now sell-on-rise market.

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

Important development of charts –

• Nifty has 38.20% resistance @ 5209 (from 5630 against the rise from 4531 to 5630). We have seen fall from those resistance with high @ 5191.
• 5029 – It is 38.20% of rise against 4770 to 5191.

In spite of all strong cues in yesterday’s morning hours Nifty has failed to cross 5209 resistance marks and I have already indicated about the same.

Now, market has turned to sell – on – rise mode. Final support will stand at 5029. Sooner or later, brutal fall will begin and we will be back to 4800 levels.

We have technical resistance at 5090-5100 marks now. Every rise will see stiff resistance in those ranges. We may initiate shorting near the given levels to hold short. Cross over of 5100 may say you ‘not to short’ and we must respect those. Well, that indication has yet to come. I feeling for sell off to hit from higher levels.

Look at the chart on Hindenburg pattern – when 50 DMA gives a down cross of 200 DMA. It is exactly opposite of what you called ‘Golden cross’. It is a hardcore sell on charts for medium to long term.

Indian market has no respect for ’Golden cross’ but ‘Hindenburg cross” will surely get lots of respect. Very few people might be talking about this pattern right now. Do not worry, I am sure people will talk about this in few days.

Due to massive news flow, trading might not be comfortable as after RBI policy review. People are now betting on QE 3 by fed. Who can stop this kind of optimism? Even if it comes, it will be politically driven.

Our intraday update will begin from 9:30 am onwards and this article will be updated every hours. Do visit again at www.viecapital.com

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18 June 2012: Nifty Elliott wave analysis: Expecting extension above 5125 to continue for either @ 5176 or @ 5209. Do not give too much importance to Greece news or RBI credit policy review.

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

Important development of charts –

• Nifty has 1.618 times retrenchment from 4770 = 5176 (Against the fall from 5020 to 4770).
• Nifty has 38.20% resistance @ 5209 (from 5630 against the rise from 4531 to 5630). 

No matter how strong is news flow but wave theory and ratio analysis is suggesting that we cannot be on extra ordinary side unless we really stand tall above 5209. My views for those levels are as –

5176 – Greece news will push us towards these levels, already expecting in morning minutes.

5209 – We need to see good wording from RBI to breach this level. (What can bring it? We need 25 bps repo rate cut and 50-100 bps CRR cut). It has yet to be seen.

I am already trying to avoid trades above 5100 on short side and not ready to catch either long trade in this zone. Very same way as I avoided shorting @ 4800 zone.

We may see opening above 5176 which will keep the scope open for 5209 but those may not be as the way market is expecting. Suppose if we cross 5209 then we can expect the levels of 5240 on intraday basis. Elliott wave target can be as high as 5372 if we really able to see extra ordinary power on the chart but I cannot see those coming as of now immediately.

Our intraday update will begin from 9:30 am onwards and this article will be updated every hours. Do visit again at www.viecapital.com

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Nifty Elliott wave Analysis: Wave support stand @ 5002 >4989 (repeated in past too). Resistance will be at 5090. Nervousness expected on weekend trades.

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

I have already said that the recent top of 5145 will play major role as resistance. We have seen the failure yesterday and downside near 5040. Now it hardly matters how US market is performing or how strong is SGX Nifty.

We will see resistance at 5090 – 5100 levels. Before Greece election and India’s fast changing political equations, traders may not prefer to take risk. This could lead us towards nervousness any moment today.

Technical charts are suggesting few things -

You can expect opening near 5074 with resistance @ 5090. One must watch the levels of 5015 (a weekly low), break of those levels will result further selling. In up coming few days, adverse out come may result the test of 4913 levels too.

I am repeating again that a rising market may not give us better opportunity to trade. It must be noted that the high of 5145 came exactly on 8^th days from the low of 4770. This kind of Fibonacci confirmation should be taken as confirmation of fall and the chances are like 75-80% for fall only.

Use higher levels to make exit from your long trades as 5145 will act as stiff short term resistance.

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. Intraday posts are available on www.viecapital.com only.

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Nifty Elliott wave Analysis: Crossover of 5125 is giving a hint for 5176. Will it come or not? Trading support is at 5099-5074. Rising market will be tougher to trade.

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

Finally, Nifty has traded well above 5125 to generate the next technical target at 5176. I must quote that we need to see failure of one technical resistance on rise to get a fall. We can just speculate over one of those resistances.

I still like to say that rise above 5125 will not be easy to trade. Yesterday was the most perfect example. A rising has not given much opportunity on index.

Technical charts are suggesting few things -

Yesterday’s top will turn out as crucial figure for today’s trade. Look the given trend line on above chart, which is joining from 5020 and 5125. Extension of that line emerging resistance @ 5156 too.  

It is complete true that end –of-day charts are still supporting bulls for a rise towards or above 5176.

5176 = I have mentioned earlier also. Take a fall from 5040 to 4770. If you take 1.618 times from 4770, it will come at 5176

In case of downside 5090 is crucial support as break of which will result fall towards 5040 and then 5015 levels.

I have already suggested my paid subscribers that the rise which started on 4^th June 14, 2012 may continue with its direction till 17^th or 18^th June, 2012. We must note that today is the 9^th day from 4770. This current rising trend has to end either today (support it fail to cross yesterday’s high then it will count as the end by yesterday itself i.e. 8^th day) or latest my Monday only.

SGX NIFTY is now quoting @ 5110, a hint for small gap down. Will it be bear gap down? (A bear down is the one which never fills in same trend).

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. Intraday posts are available on www.viecapital.com only.

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13 June12: Nifty Elliott wave Analysis: Crossover of 5125 is giving a hint for 5176. Will it come or not? Trading support is at 5099-5074. Rising market will be tougher to trade.

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

I have stated that as long it is saving 4989, we can hope for recovery and it came. Well, but it came more than what I was expecting. I was not expecting a cross of 5099 levels but it did and for few seconds only but it has crossed 5125 also.

Hence, purely based on charting principles we may see the levels of 5176. I must say that we are heading towards top of this rally and so one resistance must fail to cross. Now, it is a different question that which one is going to fail. It was supposed to be 5125 but now it seems that we are one step ahead. So my call is -

Nifty should advance towards 5176 if trades sustain above 5125. I need to move one step ahead also; if it crosses 5176 then it may try to move above 5200 too.  

I am sure for one thing that a rising market will have very limited trading opportunity. Here are two important conclusions for today.

5176 = I have mentioned earlier also. Take a fall from 5040 to 4770. If you take 1.618 times from 4770, it will come at 5176

200 DMA = It is very unnoticed fact that 200 DMA has a rising trajectory since 5^th June 2012 and it is happening first time since 24 May 2011. Yes, it has not happen even in January – February 2012 rise. Exact 200 DMA is @ 5067.80 as of yesterday’s close.  

As of now charts are suggesting for a rise but those may not be simple. As I quoted in my yesterday’s intraday updates, l like to miss fewer points of rise now in order to avoid a bulls trap.

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. Intraday posts are available on www.viecapital.com only.

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Thanks & Regards,

Praveen Kumar

Mail id – Praveen@viecapital.com

Mobile number – 09893369889 

12 June12 Nifty: Already suggested a dip from 5125 for a move towards 5040. Break below 5040 will push lower towards 4989 (~4980) then 4948.

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

I have strongly mentioned the resistance of 5125 yesterday before market hours. Now it is easy to discuss about 5125. I am sure that our readers were amongst those few people who knew the importance of 5125 from yesterday morning before market hours.

I am keeping my yesterday’s study valid for today also. It was given the fall from 5125 has a good trading support at 5090. Break below 5090 would have a possibility of pushing the market lower towards 5040. Click on the link below to read those updated about 5040.

http://www.viecapital.com/?s=blog&m=permalink&x=11-june-2012-intraday-nifty--stocks-updates

Nifty almost hit 5040 in very last minutes of trades and turn critical.

Let us discuss about today. As I said earlier that I am retaining my yesterday’s view so I am adding fewer more possibility below 5040.

Take 5040 as threshold point.

5040 = 23.60% from 5124.40 (against the rise from 4770.35 to 5124.40)

If trades sustain below 5040 then we can expect next technical support at 4989 (~4880). Any further break below 4989 will push Nifty lower towards 4948 levels.

If market has to recover then it must and must save 4989*.

Even in case of recover will face stiff resistance in the zone starting from 5065 (200 DMA) to 5074 (Intraday retrenchment resistance from 4994 to 5125).

I have already said yesterday also that fundamentals are not supporting this rally. Now S&P came to threat for downgrading India. Well, where were these people sleeping when our GDP fell from 9% to 8%, then from 8% to 7%, then from 7% to 6%. Now when our GDP came at 5.30%, they sudden appear to downgrade. (They are acting very late, now what can they expect?).

Government of India has rejected this report saying that situation is in their control.

These people will never ever accept that situation is out of their control. They will repeat this comment again even if our GDP came as low as 3.50%. I must tell you that just 5-6 months back I have forecasted for GDP growth to come near to 5%.

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. Intraday posts are available on www.viecapital.com only.

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 

11 June '12 NIFTY:Crossover of 200 dma @ 5065 is generating first target @ 5125 and then 5176. Support stand @ 5002>4990. Rise will continue.

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

It was quoted on Friday, “this market may give you a feeling for weakness and fall but those levels may trap bears again”. It has done the same, broken 5002 and hit 4994. Then we have seen an extremely sharp reversal. Finally we have seen a close above 200 days moving average.

Now even global cues are turning strong. It was quoted earlier that this rally/recovery would be supported by news flow too. Those news flows are coming from European market. It seems that we are going to see some good gap up. It may be as big as 1%.

Nifty is expected to hit near 5125 now. If it sustain above 5125 then we can expect a test of 5176 levels.

5176 = 1.618% retrenchment from 4770.35 (Against the fall from 5020 to 4770)

            It is not going to be easy to make a cross above 5176 in one go. We may expect pause on or before 5176 levels. Only time can answer this question. As of now market seems to continue with rise. I will decide about the possibility of ‘fall from resistance’ during trading hours only. There is nothing on the chart which can suggest for dip or profit taking.

My view is cautiously long side. I may trail my long position with stop loss at 5090 after a gap up opening.

Are the fundamentals really supporting this rally/recovery?

I have no doubt that fundamentals are not supporting this rally/recovery. Hence, we are forced to see a fall from higher levels. This rise is just technical in nature with some good news flow.

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. Intraday posts are available on www.viecapital.com only.

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