Nifty Cash Outlooks : 5052 | Date : 23rd NOV 2009

Technical Analysis For The Date :  23rd NOV 2009

Nifty Cash Outlooks : 5052

Waves Outlooks Large  Medium Term Pattern Unfold : Complex Double combination corrective pattern  is forming. wave 'b is ON, Likely to form FLAT formation. Till now wave' b has achieved @ 131% of wave 'a. It is strong wave' b. After wave' b complete, wave' c will start downside the minimum correction is 38.2% of Wave 'b. If we assume 5182 is top of wave' b then wave 'c will be minimum @4200-4150(38.2% minimum). Conclusion is that wave' c will be failure one and will not retrace all the wave' b. Our bearish zone will over there. New impulsion of major bull phase will start till 2016.

Small Term Internal Patterns: Here we will not discuss about small pattern inside major wave 'b. Conclusion is that small wave upside started at 4538 is strong wave. Which may be subdivided. Target is above 5182 minimum or can unto 5330.Perspective about wave may change below 4640.

Trading Strategies: Yesterday, Market is goes UPSIDE nearly 64 points. Weekly Investors & Traders: Who hold the long position. Rising SL is at 4915. Daily Traders: Cats & Dogs play is going round in the stock markets. For Long, hold NIFTY again with SL 4980. For short, stay away for while to confirm.

Mechanical Levels For Nifty Cash:   SUP 3 SUP 2 SUP 1 KEY REV RES 1 RES 2 RES 3 4935 4980 5015 4980 DOWN 5090 5125 5145

Mechanical Levels for MOST ACTIVE SCRIPTS :   SCRIPT CLOSE KEY REV S3 S2 S1 R1 R2 R3 RELIANCE 2125 2085 DOWN 2045 2068 2098 2150 2170 2205 SBI 2335 2285 DOWN 2258 2275 2301 2367 2392 2410 TISCO 551.6 538 DOWN 523 530 542 560 568 573

Positional Calls : Prism Cem(40.8): Good Pattern and Oversold script. Buy with SL 38.5.Target is at 47 & 52.1 month call.

Future & Options Calls : BIOCON(269.5): Technical Good Pattern  script. Buy with SL 259.Target is at 282 & 300.1 week call.

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Disclosers: We or Our Clients may have some position in above calls.