Nifty

Hello traders,
Every where I hear everyone waiting to go short...or are already short in Nifty. But will Nifty really continue its tumble down...I think not...My view on Nifty is that it will probably see a rise in the coming days towards 5300-5400, cmp 4860.
It would be ideal to go short anywhere between 5300-5600, coz Nifty should fall from there to 4600 again...

Am I wrong? Maybe not...but then again, only time can prove anyone wrong. So we shall wait for price movement to decide.

P.S. Ive attached the elliot wave counts for Nifty daily chart and Dow 4 hourly chart to support my claim...

Have a nice day
Jai Shewaramani

Hi Jai,

Welcome Back Jai ..Missing you on messenge...I had the required material for you ..I hope you have not forgotten ..One month back..

Hoping to get good knowledge of Elliot Wave from a knowledgeable person like you....

Raju

If NIFTY has to continue its upward journey, certainly it should not go below 4800. However, Break of the channel and daily pivot is a major worry. The channel boundary may be a tough resistence to go back into. But for the swing failure, NIFTY would have touched 5400 by now after it started rising on 12th May 2008.

Hey Raju,
Certainly I have not forgotten...But im sorry I had to go away for a while...something important had come up...Hope u yet have the material with you? If possible, send it to me on msngr or mail it to me.

Btw, howz ur trading goin on?

Yes money, ur right on that...4800 should not be broken, n chances are it won't. Tough resistance @ 5050-5100 levels...but if correct on the bounce, then I dont think tht level would hold too much of a problem..

But then again, I could be wrong

Hi Jai

I am 30 min Nifty trader. I am already long nifty at 4870. Added more at 4926 on closing basis 30 min. It cleared previous 30 min pivot.

Bye Raj

Hi Jai,

I will surely send you the details on mail.I am doing good nowadays.Had CAIRN for swing trade , have gained good in it.Holding SESAGOA. Nowdays learning futures trading.How abt FOREX , you must have made good progress ...?

Thanks,
Raju

Major support for Nifty ---4800, 4620
Major resistance---5010, 5120, 5400, 5530
Minor resistance---4910, 4960

Still holding on to the view that Nifty has to rise to complete the possibily 3rd and final wave 3 of wave B before it starts its decline of wave C...However, I am yet speculating whether wave B was over on 2nd May 2008 @ 5298. However, at the moment, I am keeping my options open for this particular wave before deciding that we are yet towards the end of wave B or the start of wave C.
Then again, is expecting 5400 for the termination of wave B too optimistic??? Maybe...but we are looking for oppurtunities to go short, so a little optimism would not hurt, would it?

dear raju,

will you please tell how nifty is traded? or can you give some links where from i can learn about nifty trading, derivative trading, futures trading ?

regards.

nick