Nifty Cash Outlooks : 4952 | Date : 22nd DEC 2009

Technical Analysis For The Date :  22nd DEC 2009

Nifty Cash Outlooks : 4952

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 achieved @ 131% of wave 'a. It is strong wave' b. After completion of wave' b , wave' c will start downside. The minimum correction is 38.2% of Wave 'b. Conclusion is that wave' c will be failure one and will not retrace all the wave' b. Our bearish pattern will be over there. New impulsion of major bull phase will start till 2016. Perspective about wave may change above 5182.

Small Term Internal Patterns: Here we will not discuss about small pattern inside wave. If we assume 5182 is top of wave 'b then wave 'c  downside will have to minimum 38.2% of wave 'b(@ 4150-4200). Perspective about wave may change above 5182.

Trading Strategies: Global cues  is that  HANG SANG ,NIKKI ,ALL ASIAN MARKETS are in UP TREND. So NIFTY likely open Higher @15-20 points.. Weekly and Medium term Investors & Traders: AS market looks some uncertain movement in medium term and we conclude as per Elliott wave that market will  likely to correct down side in medium term. SL for medium term investors is at 4850. Daily Traders: For Long, Buy NIFTY with SL 4910.Market will likely to move up to 5070-5100 level. For short, As the target 4945 is achieved. Book profit. Wait for better rise.

Mechanical Levels For NIFTY CASH:   SUP 3 SUP 2 SUP 1 KEY REV RES 1 RES 2 RES 3 4870 4905 4925 5060 UP 4980 5000 5035

Mechanical Levels for MOST ACTIVE SCRIPTS  CASH LEVEL:   SCRIPT CLOSE TREND CHANGE IF S3 S2 S1 R1 R2 R3 AXIS BANK 955 945 DOWN 916 924 937 972 992 1005 DLF 350 361 UP 336 339 344 361 368 383 HDIL 341 341 NEUTRAL 320 326 333 348 357 363 INFOSYS 2510 2510 NEUTRAL 2420 2445 2480 2540 2560 2595 ICICI BNK 810 830 UP 751 786 798 818 831 859 RELIANCE 1016 1040 UP 966 977 995 1040 1066 1085 SBI 2147 2170 UP 2065 2080 2110 2170 2190 2230 TISCO 555 555 NEUTRAL 528 539 546 565 571 576 TELCO 726 714 DOWN 690 705 715 740 752 762 YES BANK 248 251 UP 238 241 245 251 255 264

Positional Calls : NO CALLS.

Future & Options Calls: NO CALLS. PREVIOUS DAYS OUTLOOKS: 15/12/09      16/12/09      17/12/09      18/12/09      21/12/09

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