It’s a moment of joy and what a wonderful start for the NEW
YEAR 2016 Markets party went on late hence the Hangover was hard.
This was the chart posted on our blog last week with Resistance Lvl's
Nifty(spot) respected our level of 7970 & corrected 400pts,to
be honest the fall was very much predicted but the pace of fall was astonishing
but as I always say Markets are Supreme than anybody else all we as individuals
need to do is stay with the trend & be Contra trend when markets give us signals
when its about to change trend, seriously in this Pursuit of Reading Market
Mood I only find Elliot Wave Principle as best light for the darkness.
Going forward for Nifty Elliot Wave analysis (Daily chart)
Wave A complete at 7551 wave B at 7972 now we are in wave C.
Support for Nifty(spot)
Stands @ 7540-7470-7425
on closing basis from where a bounce can be expected .
Medium Term Trend for Nifty stands Down till
7985 is not taken out closing for 2 days.
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