outlook for 1-10-15

THE TECHNICALITY · The above is a Nifty Spot Daily graph. · Resistances on NIFTY are 7964 / 7998 / 8022. · Support Levels for NIFTY are 7906 / 7875 / 7824. · Although yesterday's price action fulfilled my criteria of `e' leg as well as confirms the triangular formation of the 4th phase (see chart), still there seems to be something fishy with the overall wave formation. · Crossover of 8100, would prove a trend change forming a new wave pattern & advocating the bulls. · Until then love the bears to await the last phase of decline as expected. · Good Luck..

THE OUTLOOK · Yesterday was a bullish phobia, which may continue to some extent in the first half today &technically to fizzle out in the second half. · Stock specific trading would prove beneficial. · Cautious approach Is very essential for today or else opt to be a spectator. · Focus should be on Banking, IT & Pharma sector. · Happy Trading..