NIFTY AT MAKE OR BREAK

Hi Friends,

Since the beginning of May Nifty has been sliding down in a channel and there is no respite for Bulls. As expected May is Turning Deep Frying Pan for the Bulls. But now that Falling Channel has Finally been broken out and Nifty gave a Positive close last Friday. Generally Friday is Bearish; but is this Bullish Friday after so long a Sign of Reversal? Is it Time to take Revenge & Fry Bears?

NIFTY DAILY

Well As per Gann & Astro Reversals take place during 18th to 22nd May. Wave Count wise the Corrective Leg finally seem to be over and Nifty seem to have Finally Bottomed out at 4788. But we must wait for a clear Impulse move up & Faster Retracement of this Down Fall. So we need a closing above 4930 & more importantly decisive break above 5040.

Lets look at the Weekly Chart. Nifty is taking support of trend-line joining the 2008 lows and Dec 2011 lows. So Nifty is at Make or Break level. If Nifty manages to hold on to this Support & takes U-turn then Bulls May Enjoy till June end. But if it breaks below this Support and most importantly below 4770 (78.6% of the Jan-Feb Rally) Hell Awaits the Bulls. If Nifty breaks decisively below 4770, one must be ready for Flash Crash to 4000 or 3800 levels..

NIFTY WEKLY

Currently I don't see such possibilities and I'm a bit positive about the Market. Well as off now its bit early to say that Nifty has Bottomed at 4788. But once it gives a clear Impulse move up with Faster Retracement and breaks above 5040 a straight melt up to 5280 can be expected.  Above 5280 Bulls can Expect 5385-5435. But I won't be surprised to see No. such as 5550 or even 5755..

Wave Count wise Nifty seem to have completed its correction in B leg of the larger D and it may move up in C leg of D & achieve the above mentioned targets.

But as of now we need to wait & watch how this pattern unfolds.

I'm positive until Nifty is above 4770.. And will try for the above mentioned Bullish possibilities. But below 4770 I may reconsider & reconcile my Wave Labeling.

So lets Wait & Watch....

Thanks & Regards,

Harsh Dixit.