Nifty Cash Outlooks : 5042 | Date : 17TH DEC 2009

Technical Analysis For The Date :  17TH DEC 2009

Nifty Cash Outlooks : 5042

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.

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 RED. 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 5115 level. For short, hold with SL 5115, 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 4910 4965 5005 5095 UP 5075 5115 5140

Mechanical Levels for MOST ACTIVE SCRIPTS  CASH LEVEL:   SCRIPT CLOSE TREND CHANGE IF S3 S2 S1 R1 R2 R3 AXIS BANK 938 970UP 901 918 925 949 963 971 DLF 379 374 DOWN 365 369 374 387 392 403 HDIL 337 337 NEUTRAL 318 325 332 341 347 354 INFOSYS 2544 2495 DOWN 2470 2490 2515 2570 2600 2645 ICICI BNK 823 850 UP 775 801 808 842 855 865 RELIANCE 1046 1070 UP 1005 1016 1032 1060 1086 1099 SBI 2152 2220 UP 2035 2080 2115 2185 2225 2240 TISCO 557 551 DOWN 525 531 542 572 583 590 TELCO 709 695 DOWN 678 685 695 722 732 748 YES BANK 246 253 UP 232 238 243 251 256 263

Positional Calls : NO CALLS.

Future & Options Calls: NO CALLS. PREVIOUS DAYS OUTLOOKS: 10/12/09       11/12/09       14/12/09      15/12/09      16/12/09

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