NIFTY weekly analysis for 05 January’15 to 09 January’15
Elliott wave theory: We were long into New Year and Nifty
moved up nearly 1.50% in first two trading sessions. Based on weekly wave
analysis we may see some more upside but we may expect some tired move. It may
try to trade in some silent days and then a final move will begin towards 8500
to 8600 levels. Take a note that wave trend is still up. Take a note that
weekly chart is still in wave ‘5’.
Market cycle: Historically, first two weeks of
January used to be bullish. So far, trend goes in the same way. I hope that we
may have some more upside after some consolidation.
Technical indicators: It has crossed above 8300 and then a
shoot up 8400+ levels. Technical indicators are indicating for some tired move
for first half of the week. After that, it will again move up.
Charting pattern: Charting support will emerge at 8300
levels. As long as it is above 8300 levels we can expect this to up tend to
continue. Trend seems to be up and this is buy in dip market for first two week
of January. Higher high and higher low will continue.
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