nifty for 16-11-15

THE NIFTY (Current Level - 7762)

THE TECHNICALITY · The above is a Nifty Spot Daily graph. · Resistances on NIFTY are 7819 / 7848 / 7885. · Support Levels for NIFTY are 7731 / 7701 / 7678. · Since past few issues, Spoken about leg 'C' decline when Nifty was 8300 plus. Spoken about leg 'C' with a respectable downside scope. Spoken about the 2nd corrective Triangular phase. Accordingly we did witness that the market did dance to the tunes of wave theory. · Current scenario suggests that anytime now leg 'c' could end which would mark the beginning of the upward leg 'd' within the expected triangular pattern. · Another 2 - 3 weeks will confirm the completion of the 2nd corrective as technically it resembles in time & complexity to the 1st corrective. · Basically, some more time left till we witness a trended bull market as we are still in the 2ndcorrective phase. · Good Luck..

THE OUTLOOK · Aggressive strategy not recommended in Index (Read technicality). · Time to hunt for lower levels to welcome the bulls (temporary). · Shift the focus more on stock specific trading as many frontline stocks have developed extreme wave patterns some favouring the bulls while some favouring the bears. · Index Option trading should be the most rewarding strategy at the moment. · Happy Trading..