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.

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Praveen Kumar

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