Nifty Cash Outlooks : 5042 | Date : 18TH DEC 2009

Technical Analysis For The Date :  18TH 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 DOWN @15-25 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 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 4935 4965 5005 5095 UP 5065 5100 5125

Mechanical Levels for MOST ACTIVE SCRIPTS  CASH LEVEL:   SCRIPT CLOSE TREND CHANGE IF S3 S2 S1 R1 R2 R3 AXIS BANK 942 970UP 892 908 925 957 968 975 DLF 365 374 UP 344 348 355 375 382 386 HDIL 350 341 DOWN 321 332 341 359 367 372 INFOSYS 2561 2510 DOWN 2470 2510 2540 2585 2605 2645 ICICI BNK 826 850 UP 775 806 817 835 845 865 RELIANCE 1034 1070 UP 955 1001 1021 1045 1065 1099 SBI 2165 2205 UP 2065 2105 2140 2190 2225 2245 TISCO 564 557 DOWN 532 552 557 571 579 584 TELCO 710 695 DOWN 678 685 695 722 732 748 YES BANK 252 252 NEUTRAL 232 243 248 255 261 264

Positional Calls : NO CALLS.

Future & Options Calls: NO CALLS. PREVIOUS DAYS OUTLOOKS: 11/12/09       14/12/09      15/12/09      16/12/09      17/12/09

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