Wednesday, January 11, 2012

Nifty resisted valiantly at POR.

Nifty as per my analysis may have topped today, but only market action can confirm it. I have marked may levels on the chart, we took support at 4841 and bounced back sharply, we might have formed an irregular correction in wave (ii). and once the base channel in green color is broken down we might correct sharply, and embark on wave (5) down.


  1. gm aniruddha...
    as expected it was gap down day but still we have to wait for confirmation.....nifty has to close negative today..

  2. @abhinav we are forming a top, so prices will have a tendency to retrace deeper of these initial falls. Once markets give up hope of more upside, markets will fall steeply. Almost all of today's fall can be ascribed to the Infosys's results, and subsequent IT sector falls.


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