nifty p/e chart supports...

nifty approx likely projected supports.

nifty outlook and tgt achievements...

so the expected 3799 came so fast in opening trade itself marking our C-3-(1) and expected C-3-(2) started from there with tgt of 4082/4140 , will face big resistance above that to 4200-4250 after which if not crossed further selling will emerge to threaten 3799 lvls(C-3-(3)). my preferred tgt lvl for downmove for nifty is 3550 although in the long run i expect it to slide further below it since bullish signs are yet to emerge.

apart from nifty, my nymex crude view also came correct as i said it will bottom near $90/bbl(refer post on this below) as well as gold near $735-750/oz(refer gold chart post earlier on blog).

sensex and nifty...

for today
proj sensex low 12862
proj nifty low 3882.

C-3-(1)-v about to begin downwards today after which C-3-(2) up will begin.

update on my ew analysis...

nifty chart with labelling of the minor elliott waves inside the ongoing assumed zig zag correction leg C of ABC-X-ABC.

the broader wave counts and tgts for this correction was already given earlier in this post on 31st august 2008 http://valuetrading.blogspot.com/2008/08/my-latest-ew-update.html.

nifty supports and resistances...

nifty trading strategy...

nifty trading strategy for today and coming days:

initiate and book longs today near 4360-85(nf 4378-4406) region and exit longs upto 4412(nf 4434), coming days one may short near high with sl 4438(nf 4458) for tgt 4200-4240 spot.

update on my ew:

nifty is in C-3-(1)-iii-(iv) currently C-3-(1)-iii-(v) most likely to end near 4266/4227 then C-3-(1)-iii-(iv) to open up upto 4360 then C-3-(1)-iii-(v) down from there to 4240 to complete C-3-(1)-iii structure.

***analysis based on ew for academic purpose, trade at own risk.

triangle on nifty...

yesterday on vfmdirect forum i had advised friends to trade only on breakout/breakdown from this descending triangle(base 4418). on request posting the chart here. downside lvls as mentioned in my nifty lvls post below may be used.

nymex crude chart...

nymex crude looks closer to bottoming out above $90/bbl on my chart above, a bounce on the blue line near yesterday's lvl cannot be ruled out immediately.

nifty lvls...

spot nifty lvls 4550-4500-4419-4383-4352-4328.

approaching the sensex resistance...

sensex faces strong resistance near circled area marked on trend channel and imp fibo lvls(refer chart). yday nifty went above its 4500 resis area only to close below it afterwards.

coming day's view on mkt...

nifty played near 4325-62 area today which is 38.2%-50% ret of its rise 4203-4521, so a bounce here upto 4400 is possible further bullishness above it upto 4470, on the contrary breaking below 4325 it can head toward a test of 4200 recent low. on a positional closing basis its important that 4159 should hold mkt becomes much bearish below it.

latest nifty p/e chart...

coming support is the circled area near/below 15 p/e approx 3550 on nifty.

rangebound markets...

presently 4200 to 4470 is the nifty range in which trading is taking place or i may like to call it a neutral zone below which bears will be active and bulls above it upto 4770 etc. hence positional traders can trade on breakout/down from the zone with proper sl.