Google+ NIFTY INTRA DAY VIEW FOR 11-04-2009 ~ NIFTY DEMYSTIFIED

Wednesday, November 4, 2009

NIFTY INTRA DAY VIEW FOR 11-04-2009

It's happening too fast and furious. After projecting the top it's only the 10th day we are in and down 600+ points!! Not bad though. While posting the view for 28th oct I asserted... " One thing I am more inclined think is the amplitude of the first fall on the larger chart. It's still not exhibiting any clear wave count (actually it's showing, and the amplitude of first fall is 5168-4972, almost 200 points), that way the corrective on daily chart (not considering the impulse 5 wave down move as of now) will be deeper enough ". And the further fall proved to be more steep and vicious. And guess what, still there are no clear wave count (not even corrective) on daily chart. So what does it imply..huh?? From positional perspective, more pain is expected.


Supports: Immediate support @ 4530. Below that 4485-4460 is possible as discussed on the 1st chart. Further downside can bring 4350/55 zone as per the 5th tgt from hourly chart.

Resistance: 4585-4625 is the main place to short right now. A convincing break above 4660 can lead it towards 4730 again. 4625-4660 can be a possible side ways zone to trade before a decisive break out.

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