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Ashwani, if you don't mind, I'll jump in and justify it, seeing I whole-heartedly agree with Royalfido, even though I do not know how he came up with his conclusion.
First of all the mighty fall form 6000's was predictable, because of what I call the trifecta in perfect agreement (daily, weekly, and monthly highly OB). The only thing that is holding up the procession as of this writing is the top of the weekly cloud. The chart I posted is the monthly. Even though it has limited data, it is clearly evident the leg from the top has just started, and is still very OB. Once the weekly cloud has been broken through, it will be another strong leg south. The We are looking at a move to 4936, and then possibly even to the 200 MA at 4164, all though the latter not confirmed at this point.
The fundamental data you are referring to is not a good reference point. This is why so many traders lose much of their money. I'm in the USA, and our economy and job situation has tanked, due in part to a president that is spending and taxing us through the ground, yet, the DJIA has been skyrocketing. We have had 19 bull candles out of the last 24 months in a terrible economy.
I love my numbers, and numerology sounds good, but I would shun it in applying it to your trading. The monthly chart has also broken TL and SD channel support, so you might as well as deal with the bear run over the next several months.
Can you give some justification why nifty should touch 4500/4600 levals??? I absolutly disagree with your view i think india story is prosparious so ultimatly a bull run