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    Sunday, August 10, 2008

    nifty for monday...


    looks like a falling channel on intra chart of nifty, looking at very bullish US mkt close on friday nifty may open gap up on monday, chartical resistances are 4580/4607/4615 if crossed then 4650 may be reached(tgt of channel breakout i.e about 100 points).

    larger picture we are still viewing as ABC-X-ABC currently the B leg (relief rally) of the second zigzag going on which has target of 61.8% retracement at 4722(15741 on sensex). interestingly the 38.2% retracement of entire correction from 6357-3790 is 4770(15835 on sensex) at which point selling may come again.

    Posted by abhay r somkuwar at 8:35 PM

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