NIFTY weekly analysis for 12 January’15 to 16 January’15
Elliott wave theory: 5th wave is still intact
on weekly chart. It is suggesting for a final move in this wave sooner. Trend
is up with key support running near 8200-8150 levels for this week. I advise
caution for higher levels for this week. Caution advised if Nifty comes near
8445 levels. Let us see.
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. Question is – Will this
time a final top come in first two month of the year itself? A blow up top is
expected.
Technical indicators: It has crossed above 8335 and then a
shoot up 8445+ levels. Technical indicators are still not very concerning. Above
8445 we may see run away rise towards 8600+.
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 but add word of
caution on crucial resistances.
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