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.

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