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#14
31st May 2006, 02:01 PM
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Re: Nifty levels to watch
hai amitt29, unless we get a kick start buying , the levels are dangerously close to 2500 in Nifty in another 10 trading sessions. so we have to take care.
Levels to watch is 2966 - 2972 at closing. If we go below this then there are chances of touching 2860 on way down.We should close above 3019 to have any meaning full rally , that will touch 3118 on way up. NSE should take care of wild adjustment in close as the last trade price and close price creates technical chart to show downtrend in opening next day. this compunds the weakness and causes further fall. bye ravi 
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#15
31st May 2006, 02:34 PM
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Re: Nifty levels to watch
Hai,Ravi ur assumptions are right in foresight but u have to have a hindsight for it.
Since my analysis is based on Elliot wave,a flat has been made at 2972 with the C completed.So on a near term this shud be holding point.Lower down the low at 2896 of the black monday.In retrospect with a day like this 2896 was on the cards but it didnt happen. In my view we shud close or hold at 3050 today.That is for the spot.
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#16
31st May 2006, 03:29 PM
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Re: Nifty levels to watch
hai amit
yes i do agree with your analysis.i could deduce that the resistance was in between 3053 and 3071.but shorts seem to have accenuated further fall and covering seems to be coming, so that the resistance is held.let us hope and pray. i have still not sold my short positions and will wait till a uptrend is firmly confirmed. bye
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#17
31st May 2006, 03:30 PM
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Re: Nifty levels to watch
Quote:
Me too, more of an elliot wave analyst.could you explain it with a chart. regards, gvnarendra.
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#18
31st May 2006, 08:29 PM
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Re: Nifty levels to watch
hai brothers,
The chances of Nifty opening in red on 1/6/06 are very high.Levels below 3046 will take Nifty to 2995.77 and then 2966.22.After this we will touch 2927.44. However if we open above 3100.36 then Nifty can go up with minor resistance at 3153.05 and then upto 3178.71. Please watch volumes and decide on trade. Overall short term trend is down with ADX still in negative territory ie +DI < -DI. Hence Dont get trapped at higher levels.You can still buy 3100 put and sell 3200 call and hold till uptrend is confirmed. bye ravi
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#20
1st June 2006, 03:23 PM
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Re: Nifty levels to watch
Quote:
bye ravi
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