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
(If you
think that other readers should also read this article then recommend this on
google by clicking g+ link given below).
Read
www.viecapital.com for stocks views
Follow us
on twitter a/c 'viecapital' to get intraday updates. Link – www.twitter.com/viecapital
Thanks
& Regards,
Praveen
Kumar
Mail id –
Praveen@viecapital.com
Mobile
number – 09893369889
Join the conversation