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
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.
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& Regards,
Praveen
Kumar
Mail id –
Praveen@viecapital.com
Mobile
number – 09893369889
