follow up:perfect play, nifty intraday lvls...

this was said yday,
"trading lvls for intraday nifty traders, if nifty crosses intraday and stays above 5118 can tgt upto 5161/5181. support 5088/5080, below which chances of weakening upto 5050/5020."

now pls refer the above charts points m,n and o. nifty couldn't sustain above 5118 and thereafter dropped till 5080 where it bounced but only to break below it and took support on 5050 where it bounced off quite well afterwards(i.e today in intraday).

perfect play!!!:)

mkt ahead 07th dec 2009...

in the last posts it was said that,

"however 4880 was held on closing basis, and in the very near term any bounce nifty may possibly get restricted to 5012/5030. so the near term range is about 4800 to 5030."

"a few closings above 5030 if supported by global mkts, the nifty would be again more bullish to reach the previous high of 5182, if any profit booking comes and gets limited to 4880/4860"

however the range 4800-5030 was broken on upperside in the early part of last week, 4860/4880 was held and hence nifty continued and achieved the tgt lvl of 5182.

its now important for nifty to cross and close above 5182 for some days atleast to achieve the short to medium term tgts of 5300/5400/5545 etc. support lvl 4880/4800. below it gets bearish upto 4700/4538.

trading lvls for intraday nifty traders, if nifty crosses intraday and stays above 5118 can tgt upto 5161/5181. support 5088/5080, below which chances of weakening upto 5050/5020.

my gold ew chart...

as per london gold prices.

gold is in correction mode.

rough tgts for the fives could be about $1300/$1540, subject to chnage as per scenario unfolding. downside lvls for internal waves as shown on the chart above.

right now one or two degree's correction may be happening, this is monthly chart the movement therefore would be clearer after sometime.

once wave five is completed, a big correction can come to below $1000 maybe in that range $700-$1000.

pls note that this is as per london gold prices which are on closing spot basis, which is different from nyse or comex gold futures prices.




gold chart all data.




on nyse gold the downside/support lvls are 1100/1070/1030/990.




mcx gold futures with trendline's supports.