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#1
6th May 2007, 01:50 AM
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Will Nifty undergo a 12%-15% correction?
So Nifty is poised to break upwards beyond 4250. Or is it really? Let's look at the enclosed chart and some bullish signs first:-
1. Strong uptrend for nearly 4 weeks 2. Bullish open interest in Nifty still strong and some bearish ones:- 1. MACD about to turn negative after having shown -ve divergence 2. Nifty Prices hitting resistance at 4250 3. Symmetrical triangle broken on 13th Apr has achieved its target. 4. Of the corrective A-B-C wave pattern, wave B seems to be complete. C wave should retrace to nearly where wave A ended about 2 months back. An upward breakout beyond 4250 with good momentum, liquidity could see another bullish phase. However, Nifty could as well retrace to a level around 3580-3630. 
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#2
6th May 2007, 07:50 AM
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Re: Will Nifty undergo a 12%-15% correction?
Hi!
I think nifty can go down but not as much as 3580, somewhat in between.
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#3
6th May 2007, 03:23 PM
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Re: Will Nifty undergo a 12%-15% correction?
Nifty has support @4000. If this level has broken, it finds support @3950. I dont think it will go down beyond this level.
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#4
6th May 2007, 07:57 PM
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Re: Will Nifty undergo a 12%-15% correction?
Quote:
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#5
7th May 2007, 12:21 AM
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Re: Will Nifty undergo a 12%-15% correction?
Quote:
 ood quote, market will do what u least expect.Market always surpries traders and investors
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