Nifty Technical Outlook

By | March 16, 2010

Nifty managed to show some good up move today after 6 days of consolidation pattern.Now if we count the waves we come to following conclusion when we see the above Chart

a leg = 5092 to 5137 = 45 points
b leg = 5137 to 5096 = 41 points
c leg = 5096 to 5158 =62 points
d leg = 5158 to 5101 = 57 points
e leg = 5101 to 5209

Now as per EW waves market has completed 5 waves and the wave which started at Budget day should come to an end today.Nifty at max if this theory is correct should go till 5230 levels and show a downmove with a tgt of 5100 and 4975 .SL for all longs at 5145

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