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.

NIFTY ROCKET GET SET GO..

Hi Friends,


In my earlier post I was talking about 5555.. But Since the Market has now Invalidated that Wave Count we must look at some other possibilities. Though the Market has invalidated the earlier count there is nothing to worry about.. Though Nifty may not touch the High Fives 5555.. Still a 10+% move from the current levels is expected to come within next 10-15 days.


There are lot of negative News flowing in the Market regarding IIP nos, Inflation, Euro Crisis & Greek Default and blah blah blah... But This is the Best time to accumulate stocks for a 10+% move from current levels.

NIFTY ENDING DIAGONAL

 Lets 1st look at this Intra-day chart of Nifty. We can clearly see this Falling Wedge formation which is a kind of Reversal Pattern. Also we can see that tough Price is making lower lows RSI is Diverging and making higher lows. We might see a Final Dip to 4863 towards the E leg of this Falling Wedge or Ending Diagonal in Wave 5 of c of the b of the Larger "B". Once Nifty breaks above this Falling Wedge we may witness a clear trend reversal which may come very fast. Generally the Ending Diagonal signals a Dramatic Reversal ahead.

NIFTY

Now lets look at this Daily chart of Nifty. Earlier I assumed that Wave B of this Final leg of Complex corrective was over and currently Nifty is in Final C leg. But the Mode of this fall which is not Impulse has forced me to reconsider and reconcile my Wave Count. So Currently I would like to consider the low of 4531 in Dec as A and currently Nifty is in B leg. Within B which is a 3 wave pattern Nifty just  finished a & b legs and now the impending c would take Nifty higher to 5461. This assumption holds true until Nifty doesn't break below 4830 before the Rally or it doesn't moves beyond 5730. Else I would reconsider my Wave Count.


So Currently I'm looking at 4863 as max decline from where Nifty will start it's Journey towards 5461..




Lets wait & watch....




Thanks & Regards,


Harsh Dixit.

NIFTY TO TOUCH HIGH FIVES.. 5555

Hi Friends,

Today Nifty respected both the supports very well at 4989 & 5070 and closed above the Falling Wedge support of 5070. Also as per Gann 6th May is Bullish Reversal Day and Nifty has managed to give a Bullish Reversal by giving Engulfing Bull Candlestick formation.

NIFTY

Wave Count wise nothing has changed. Nifty is forming a Leading Diagonal (3-3-3-3-3) or (ABCDE) in Wave 1 of Final C. And it might be still in c leg of the E leg of the Leading Diagonal. once this E leg gets over a clear directional move in wave 2 up will be followed which has approximate tgt of 5555.

For next two sessions Market is expected to remain range-bound, but any dip to 5030 is a good buy opportunity with stop-loss of 4955 for a target of 5555. But below 4955 I would give up dreaming for 5555. Currently I'm Bullish and its good time to go stock specific buying and accumulating it on dips with proper stop-loss. 

Below is the List of some of my favorite stocks and the respective targets thereof:-

1. AXIS Bank:- sl 965 tgt 1140 - 1225 

2. Bajaj Auto:- sl 1460 tgt 1655 - 1760

3. BHEL:-  sl 208 tgt 265- 284

4. Hindalco:- sl 110 tgt 133-144

5. L&T:- sl 1110  tgt 1350- 1450

6. Maruti:- sl 1260 tgt 1400-1450

7. Sterlite Ind:- sl 98 tgt 112-118

8. Tata Steel:- sl 420 tgt 480-500

Thanks & Regards,

Harsh Dixit.