Friday, June 02, 2006

>Nifty Update 02-June-2006

Continuing from the previous Nifty Analysis of 29th and 30th May
>Nifty Update 29-05-2006

In my post on 29-May my preferred view was that the Wave A was over and we would start Wave C down after Wave B ends.

Looking at recent price action and momentum I think the earlier count would need some changes in coming days.
In the new count wave the 5th down of wave A may have ended at 2940.
and now we can see some B wave action on upside.

Again this is not yet a strong view and I am not able to take a confirmed view on either side.

  • Even then the over all logic of trading remains the same as that used in a weak mkt.
  • Sell at upper resistance and purchase at lower supports.
  • Its not yet time to hope that price would go through strong resistance zone and make new highs.
  • Over all larger trend remain down and we can again fall after some rise to eventually reach 2600 region.

Shall post charts when more clarity is there.

1 comment:

Anonymous said...

Kripa latest views post karo.

Technically mila ke kuch supports denge ya naiyya behti jayegi.