nifty outlook & technicals 10-9-11

· Resistances on NIFTY are 7846 / 7863 / 7929. · Support Levels for NIFTY are7781 / 7765 / 7721. · We are in the 4th phase of second corrective. · This phase is technically the most volatile & time consuming in nature. · Triangular or diametric is the wave pattern unfolding in the current phase. · Limited up spurt may be still on the cards but again to decline as indicated in the graph. The 4th phase is on the verge of completion. · That means the 5th phase of real action is on its way. · Good Luck.

THE OUTLOOK · I have been mentioning since the beginning of the 4th phase about its characteristics of being volatile & time consuming. · Do not indulge in any fresh positions on the long side. · Seek for higher levels to short sell. Until then it is better to be a spectator. · Focus on stock specific especially, Banking & Auto sector. · Happy Trading..