Tuesday, 8 September 2015

technical outlook for 9-9-15

    · Resistances on NIFTY are 7721 / 7759 / 7818.
    · Support Levels for NIFTY are 7670 / 7635 / 7609.
    · 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.
    · It indicates a relief up spurt to continue to form the 3rd leg of the triangle which should stay below 8050 level.
    · 
    · After pattern completion we are most likely to witness the severe impact of the final 5thwave decline of the 2nd corrective.
    · Good Luck.
THE OUTLOOK
    · I have been mentioning since the beginning of the 4th phase about its characteristics of being volatile & time consuming.
    · Due to the 3rd extended decline, the range of the 4th phase is handsomely big.
    · As I have mentioning about a corrective pull back on its way & that is what exactly we witnessed yesterday. The same phenomenon of a temporary strength is likely to be continued for today.
    · Stock specific trading would prove beneficial.
    · Focus on IT, Banking & Pharma Stocks.
    · Remember, the trend is weak & the current pullback is temporary. So positional bull strategy is not recommended.
    · Happy Trading..
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