Initial hurdle discussed on last was @ 5096, @ day's opening it recorded @ low of 4093 and moved up, on the 2nd half it again came down from it's high 5126.9 to 5095 (clearly that zone was cleared and provided support), and hence hit 5130, where target given above 5096 was 5131-5162-5218. So first target is achieved. Trend wise there no signal of reversal or weakness, but as discussed, we should look to book profit/exit positions at higher levels as some critical 5th wave target is nearing.
Re-posting one chart posted yesterday,
Clearly 5165-5175 is the big zone for nifty, crossing that nifty may continue it's up-move towards 5215-5237, where it will be tested, and my take is, it will be tested big time. As a learner of Indian market and a blogger, will wish to share one post with my new readers,which I posted on 20th July, 2009. And finally it's being done somehow.
Supports: 5096-5084 remains the most crucial support for nifty, a break below that can make it further weak for intra targets 5060-5040/35.
Resistances: 5131 is immediate. Above that 5165-75 (probably 5175, wild guess) is possible. Will prefer to book out. Violation of 5175 can bring 5215/35 will be the most crucial resistance.
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