Nifty Cash Outlooks : 5234 | Date : 14th Jan 2010

Technical Analysis For The Date :  14th Jan 2010

Nifty Cash Outlooks : 5234

Waves Outlooks Large  Medium Term Pattern Unfold : # NO CHANGE SINCE LAST UPDATE # Complex Double combination corrective pattern  is forming in wave 'a. Wave 'b is ON. Pattern is FLAT formation. Wave' b is also in complex pattern. After wave' b complete, wave' c will start downside. The minimum correction should be 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. Year 2010, Conclusion is that Market will likely to remain volatile in both direction. ONE Big fall is seen in 2010. Also likely to complete the  major correction Zone, which started at 6347(10th Jan'2008).The base of bull markets will likely to form in 2010 and New major bull phase will start till 2016.

Small Term Internal Patterns: Large Wave 'b is still ON. Wave' b is also in complex pattern. Internal Pattern wave’ e is in progress.Time period is about to end for Wave’ e. Any sharp fall out below 5160 will change all market trends. Also any fall out below 4940 will conclude the larger wave' b is complete.

Trading Strategies: Global cues is that  HANG SANG ,NIKKI ,ALL ASIAN MARKETS are in RED. So NIFTY will likely to open  Downside @30-40 points. Weekly and Medium term Investors & Traders: # NO CHANGE SINCE LAST UPDATE # 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. But hold Rising SL for medium term investors is at 4940.   Daily Traders: For Long, As market is not break 5160,market likely to remain sideway. Buy only above 5290.  For short, HOLD short with SL 5285 Initial target will be 5120-5055.

Mechanical Levels For NIFTY CASH:   SUP 3 SUP 2 SUP 1 TREND REV RES 1 RES 2 RES 3 5145 5180 5215 5260 UP 5260 5285 5335

Positional Calls : AFTEK(23.35):  Buy with SL 21.5.Target will be at 27 & 31.(ONE WEEK Call) JBF IND(116.5):  Buy with SL 112.Target will be at 135 & 148.(TWO WEEK Call) VIKASWSP(30.65): Buy with SL 29.Target will be at 38 & 44.(ONE WEEK Call) PORTFOLIO PICKS: Here we give you a Stock ,which is analysis by ELLIOTT WAVES for PORTFOLIO INVESTMENTS. TIME FRAME: 1-2 Years. NO CALLS.

Future & Options Calls:  NO CALLS

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