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Wednesday, August 3, 2011

NIFTY Updates

I had a feeling last night that there was  one more down leg in this move. And we went down today . But now the most important technicals are oversold and divergence is there everywhere. A little rally is expected. We have two GAPs to close. One closes when Nifty reaches 5456 which is around 23.6% retracement of this fall from 5739. And the one closes at exactly 38.2% retracement of this fall from 5739 to where we are now, i.e 5516. RED Wolfe WAve is showing a target of 5550 area and 5559 is 50 % retracement . SO wee see that the FIBO lavels are playing perfectly here. . Lets see. One can enter longs now with least risk.

But the GLOBAL economy is so bad that STOP LOSSES are a MUST. ANything can happen now. Though technically i see a bounce, it may be just around 5460 and then another PLunge towards 5200 level. Be extremely carefull.

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