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Weekly Nifty: Overall positive bias continues

HDFC Sec | 10 Nov, 2014  | Follow Author | Add to my Favourites 
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- Week’s action formed a strong doji candle at resistance zone which is a bearish reversal sign; however the pattern get validated on a fall below 8285.

- As per our preferred wave count, index has completed the major “wave iv” at 7723, and now index is in progress of major “wave v” towards 8550/8600 levels. It has already attained the earlier mentioned target of 8350.

- In the present rising leg, price is rising with impulse formation which is adding strength to the bulls; Internal “wave i” , “wave ii” , “wave iii” & “wave iv” have completed and the last leg i.e. “wave v” unfolds. The probable targets are 8550 – 8600 – 8650 which is 61.8% & 100% projection level of last two legs.

- Price is rising within a channel setup on hourly chart; as per preferred view bulls could lead the momentum from now, alternatively if index slides below 8285/8265 then it validates the breakdown of channel setup; in such scenario “wave v” has ended on a failure note and price starts retracing the last rising leg towards 8130 and 8000 levels which are 38.2% and 61.8% of last rise.

- Overall positive bias is continuing in the market, buy the strong stocks and don’t do bottom fishing. Traders can continue with the long positions with the stop of 8265 for target of 8550/8600 levels.

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Disclaimer: The author has taken due care and caution to compile and analyse the data. The opinions expressed above are only the views of the author, and not a recommendation to buy or sell. Neither the author nor accept any liability whatsoever arising from the use of any of the above contents.

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