9:24 AM
Unknown
NIFTY traded on a weak note and has pulled back
significantly from the medium-term falling trend line
resistance in the last two sessions.
From an Elliott wave perspective, fall from the July 8th highof 5740 seems to be unfolding into a 3-legged flat
corrective pattern (Elliott pattern) where first two legs have
been completed and last leg is currently underway.
Therefore as a part of it index could see further fall
towards the supports near 5500 and even 5440 (50% and
61.8% retracement for the rise from 5252-5740) in the
forthcoming sessions.
On the upside, prices find resistance near 5569 and
yesterday’s high of 5592 to keep the current weak toneintact.
Immediate break above the latter will invite a recovery
towards falling trend line resistance near 5660 delaying
the expected weakness.