Nifty Cash Outlooks : 5122 | Date : 2nd DEC 2009

Technical Analysis For The Date :  2nd DEC 2009

Nifty Cash Outlooks : 5122

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 has to minimum 38.2% of wave 'b(@ 4150-4200). 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 has to minimum 38.2% of wave 'b(@ 4150-4200). Wave 'c stared which also in  FLAT formation is likely. Perspective about wave may change above 5182.

Trading Strategies: Yesterday, Market is goes UPSIDE nearly 91 points. Global clue is that  HANG SANG ,NIKKI ,ALL ASIAN MARKETS is in upside. So NIFTY likely open upside @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 is likely to correct in medium term. So put yourself with cash on hand. (waiting period is @ 2-3 months)   Daily Traders: In Hourly chart there is expanding triangle formation is likely to forming. Target will be @ 5220. In this pattern bulls and bears are apply there force aggressively. AS the result trader's SL is triggered both side. SO, For Long, SL is 5050. For short, wait for sometime.

Mechanical Levels For NIFTY CASH:   SUP 3 SUP 2 SUP 1 KEY REV RES 1 RES 2 RES 3 5040 5075 5110 5050 DOWN 5170 5205 5225

Mechanical Levels for MOST ACTIVE SCRIPTS :   SCRIPT CLOSE TREND CHANGE IF S3 S2 S1 R1 R2 R3 RELIANCE 1098 1055 DOWN 1042 1065 1091 1115 1138 1154 SBI 2292 2255 DOWN 2231 2264 2281 2320 2343 2378 TISCO 582 564 DOWN 559 568 574 589 596 605

Positional Calls : BANK OF RAJ(73.95): Highly oversold, Buy with SL 71.Target is at 82 & 88.(TWO Week Call) ISMT(53.5): Buy with SL 51.Target is at 58 & 64.(ONE Week Call)

Future & Options Calls: ACC(811):(LOT:376):Breakout seen!!!! Buy with SL 790.Target is at 834 & 842.(Intraday Call) BAJAJHIND(221.75):(LOT:1425): Buy at 9.55am!!!! with SL 214.Target is at 233 & 253.(ONE Week Call) KFA(56.65):(LOT:4250): Buy with SL 53.5.Target is at 61 & 64.(4 days Call)

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