Saturday, April 14, 2012

Nifty - Weekly Wrap Up

Nifty completed the wave (a) which started last week after we got resisted at 5380 levels. The wave (a) took support around 5200 levels and staged a smart rally to complete the wave (b) just around the falling trend line. Yesterday's fall was dramatic, and was fueled by the poor results and performance of IT stocks giant Infy. We expect the price to move down further from these levels, and should head for the region of 5100 - 5075 levels. This band should provide some clue as to the future direction of this move. Our Elliott wave count suggests we are falling in wave (c) of  [z] of  II. If prices take support at the 5100 - 5075 zone, and lowest at 4950 levels then we can resume the up trend, but if we break down from these levels then this bullish count has to be revisited. Minimum target for this downmove will be below 5135, to complete the pattern.

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