22 march 2009...

ew view: as mentioned many times, all along from 3147 nifty is exhibiting corrective 3 wave structure in each leg up and down, so currently it might well be in first of overlapping 4th(to be followed by 2 more sub-waves) wave of 5th terminal impulse, difficult to say. if this structure turns out right then the 5th will finish well above oct lows. but if its in 5-(3)-ii, then can challenge oct lows. but nifty still has'nt broken the 2500 lvl for confirmation of the 5th impulse.

tech view: the upward momentum was building up but 2800-2830 zone acted as strong resistance and 2868 was also not reached. last couple of days, nifty went into trading within 2836-2752 range(inside days) waiting for brkout/brkdown, but the factors such as break of upward tline for the current upmove, facing resistance near upper tline and possibly weak world mkts might set it into short term profit booking mode upto lvls mentioned on the nifty chart, if the short term range is broken on lower side.