2 July 2012

NIFTY ROCKET FINALLY KICK STARTED

Hi Friends,


After Consolidating for almost 10 trading session Nifty Finally Broke out of the Triangular Corrective pattern on this Friday. For others this move might have came as surprise but we had already posted our view for this upward break in last week.


http://trend-o-nomics.blogspot.in/2012/06/nifty-ready-to-fly-sky-high_24.html


Currently there is no change in the view and we are still going with the two alternative.


1. Looking for 5385-5435 as the Initial Hurdle for this Rally to Fizzle out in B of TZZ of the Complex Corrective which started in Nov 2010.

NIFTY


2. The Rally to Continue & Cross Previous Top at 5630 to Trap the Bulls. In this case we would look at 5738 as the Termination Point for this Rally in 'c' leg of the B of C of Zigzag. But we might keep the options open for 'c' Extension or Failure.


Currently the 2nd alternative of 5738 looks more likely.


Currently Nifty might come down in an attempt to Fill the Gap created on Friday. Which is still unlikely in our view as 5221 holds Strong Support & any dip would be good Buying Opportunity for a target of 5385-5435.


So lets wait & watch..




Thanks & Regards,


Harsh Dixit.