Tuesday, May 03, 2011

LAST HOPE IN NIFTY FOR BULLS

AS PER ELLIOT WAVE ANALYSIS WAVE-4 OF THE INTERMEDIATE UPTREND SHOULD END BETWEEN 5550 AND 5577. TODAYS CLOSING IS AT 5565. THE HARCORE BULLS CAN TAKE LONG POSITION IN THE MORNING AFTER 10:00 A.M. WITH A STOPLOSS OF 5500 INTRA DAY OR 5500 ON CLOSING BASIS FOR A MEDIUM TERM TARGET OF 5688, 5743 AND 5796.

WAVE-1: 5177.70 ON 11.02.11 TO 5599.25 ON 18.02.11.
WAVE-2: 5599.25 ON 18.02.11 TO 5232.75 ON 25.02.11.
WAVE-3: 5232.75 ON 25.02.11 TO 5944.45 ON 06.04.11.
WAVE-4: 5944.45 ON 06.04.11 TO MAY BE 5550-5577.

SAME IS THE CASE WITH BANK NIFTY. WAVE-4 OF THE INTERMEDIATE UPTREND SHOULD END B/W 10800 AND 10850. IF 10800 HOLDS THEN BANK NIFTY CAN SCALE BACK TO 11300, 11500 AND 11800.

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