Monday, April 25, 2011

Nifty should resume uptrend SOON!

Nifty 120 mins

Nifty 10 mins

As shown on 120 mins chart, Nifty bottomed out at 38.2% retracement level near 5710. We expect this as completion of minute wave iv but if we see a steep rise now it can be just wave ii. Either ways we should see rally to continue above 6000 level in coming days. Prices also retraced the previous down move almost completely confirming that the uptrend is still intact over short term!

TCS results on Thursday produced unexpected movement. IT sector as a whole has been very tricky lately but we expect TCS will not behave like Infosys and should start moving up again.

As seen on 10 mins chart, prices opened gap up again at 5880 level and consolidated for the entire day. The entire movement up since 5700 has been impulsive and we expect this rally to continue.

A movement above 5940 will confirm our bullish view and a move below 5780 will challenge our preferred scenario indicating more complex correction in progress.

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