Nifty Cash Outlooks : 4988 | Date : 21st DEC 2009

Technical Analysis For The Date :  21st DEC 2009

Nifty Cash Outlooks : 4988

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 MIXED TREND. So NIFTY likely open FLAT. 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 only if market move above 5060 level. For short, hold with Trailing SL 5025, NIFTY can be drops to 4945.

Mechanical Levels For NIFTY CASH:   SUP 3 SUP 2 SUP 1 KEY REV RES 1 RES 2 RES 3 4880 4910 4955 5060 UP 5020 5065 5125

Mechanical Levels for MOST ACTIVE SCRIPTS  CASH LEVEL:   SCRIPT CLOSE TREND CHANGE IF S3 S2 S1 R1 R2 R3 AXIS BANK 934 955UP 881 905 921 945 956 979 DLF 358 370 UP 333 341 351 366 376 383 HDIL 341 341 NEUTRAL 320 326 333 348 357 363 INFOSYS 2526 2510 DOWN 2450 2470 2501 2551 2580 2599 ICICI BNK 808 830 UP 751 786 798 818 831 859 RELIANCE 1010 1040 UP 941 963 990 1030 1060 1099 SBI 2144 2185 UP 2065 2080 2110 2170 2190 2230 TISCO 564 557 DOWN 532 552 557 571 579 584 TELCO 732 714 DOWN 690 708 720 746 760 778 YES BANK 250 250 NEUTRAL 232 243 248 255 261 264

Positional Calls : NO CALLS.

Future & Options Calls: NO CALLS. PREVIOUS DAYS OUTLOOKS: 14/12/09      15/12/09      16/12/09      17/12/09      18/12/09

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