nifty technicality & outlook 6-10-15

THE TECHNICALITY · The above is a Nifty Spot Daily graph. · Resistances on NIFTY are 8151 / 8199 / 8225. · Support Levels for NIFTY are 8089 / 8058 / 8035. · As mentioning since the last two issues about signs of caution in the market for the Bears & also about 8055 being a crucial level to watch out, the same we witnessed yesterday. 8055 crossed & market rallied & should continue today. · Today's price action made some significant internal pattern formation, which now suggests that the entire 2nd corrective to be most probably a triangular wave (See Chart). · If it is so, still the trend is down till the 2nd corrective is complete, & technically we may not see any major rally for couple of months. · Good Luck..

THE OUTLOOK · Bulls ruled yesterday above 8055 & hence should continue the same for today. · Bull side  day indulgence would prove beneficial but positional strategy on the bulls should be avoided. · Focus on Banking, Energy & FMCG Sector.