nifty outlook 5-11-15

· Resistances on NIFTY are 8078 / 8092 / 8116. · Support Levels for NIFTY are 8020 / 7995 / 7931. · As mentioned in the previous issues, leg 'c' has already started & is increasing its declining momentum. More downside to be witnessed in this week. Nifty did break 8000 level successfully turning the technical motion line negative on a weekly basis. · Unsustainable Corrective upside was witnessed only to bring the market out of the oversold territory & gather strength for further decline. · Another 3 -5 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 · Looks like the market completed its intra week high via a corrective unsustainable pull back as well as each day giving a higher level short opportunity. Yesterday too, after a firm opening session, the day concluded on a weak & negative mode as expected & mentioned in yesterday's issue. · Avoid any bull side strategy even if they seem to be appealing. Love the bears considering higher levels to short sell. · It is the right time for positional trading. · Focus on stock specific trading on a positional basis as many frontline stocks have developed extreme wave patterns, some favouring the bulls while some favouring the bears. · Option trading should be the most rewarding strategy at the moment. · Watch out for Auto, Pharma & Banking sector. · Happy Trading..