NIFTY AS ON 01/07/2010

Now to confirm the 5^th and final wave nifty has to pass 5366 previous high which shall than give us targets above 5500 means (5366 – 5210 )=156+5366= 5522 approximately

Wave are label 1-2-3-4-5 with golden color and shown where the 5^th and final wave could end is also shown. Nifty swing remains up on daily charts .Also looking at the week globle cues nifty could retrace upto 5150 levels also but closing should not be below the channel and if it breaches the channel and closes below it one should not hold any longs unless new breakout is seen, also this calculation of wave shall be valid till nifty is above 5120 levels and if it reteraces below it could change the counts.(but it is always better to buy low and sell high at present we are at the lower channel and nifty is following globle cues though there is bullishness but when the whole world shall selling India cannot be left out but still there is hope till 5120 is not breached.

FII net seller  in cash segment while DII net seller

Most active CE 5300 – 5400 while most active PE 5200 – 5100

Which indicates that 5200 levels should act as strong support but market is the king and shall go where it has to we are just trying to judge the probabilities of the market. Opening of gap up and down is squeezing the intraday players who carry the position overnight.

For tomorrow nifty shall remain bullish until it is  above 5281  with upward targets of 5331 – 5362 – 5411  with stoploss of 5262 below which nifty shall become weak with downward targets of 5213 – 5182 – 5132

Positional shorts on close below 5200  only until then try to buy near stop loss or play intraday levels.  Nifty swing shall change if close below 5200 WHICH IS MARKED BY PINK LINE for two days till then swing is Up

Madhu intraday levels for you