Monday, April 16, 2012

Nifty - Elliott Wave Analysis

Nifty is showing a couple of possibilities. And as usual both the possibilities are equiprobable, and depend heavily on what RBI has in store for us. If RBI do cut rates, we might see markets responding positively. Above 5300 and 5330 range, we might see sharp rally in Nifty. But if we get resisted below this range, the we may go all the way down to test the 5135 low, to complete the TZZ pattern. The falling trend line will also provide a credible entry point for participating in the up trend.

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