9:33 AM
Unknown
NIFTY opened on a positive note however failed to sustain
above the medium-term falling trend line and pulled back
to close with a loss of 68 points on Friday.
As mentioned in last report, from an Elliott wave
perspective rise from recent low of 5196 has subdivided
into a 5-waves post which a corrective 3-wave fall should resume.
With Friday’s fall it seems likely that the correction has
begun however further follow through selling below the
previous minor swing low of 5610 is required to confirm
the same and extend weakness towards 5500/5450 levels.
On the higher side, medium-term falling trend line near
5700 levels and then Friday’s high of 5740 act as good
resistance.
Only an immediate rise towards the latter will turn the
sentiment mixed delaying the expected weakness.Sell NIFTY below 5650 with stop of 5690 for a possible target of
5600/5570