NIFTY weekly analysis for 27 October’14 to 31 October’14
Elliott wave theory: Weekly wave pattern has added
strength now. 38.20% retrenchment support comes at 7774 and weekly closing is
almost on dot. It may invite consolidation. I issued a call not to short from
7750 itself. It may extend comparable to new high or 8100. Out of 300 points rebound,
most came as gap up. This is only part to be worried. Given marking will change
for wave if it extends above 8181.
Market cycle: we can expect some higher levels
this week. Technical support for this week will come at 7950 to 7925 levels.
Technical indicators: I am less worried about technical
indicators now. It comes to zone where
consolidation is good and most expected. This consolidation will give buy from
low.
Charting pattern: As expected from last week itself,
we got 8000 + levels on Nifty. Now we are on expiry week and we may see some
hectic activity but things should lastly favour bulls only.
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