If we are in start of wave 1 of wave 5 Expect to finish Nifty closer to 7600 by end of Jan -- which would confirm long bias !! Wave 1 needs to break the upper trendline and bounce back from it -- which will confirm start of Wave 3 of Wave 5. Axis Bank has shown 2-3 gapups a sign of upmove !! Look out for Yes Bank as well in coming next week !! Bank Nifty and Reliance will lead this rally -- with Sunpharma looking to break its upper trendline -- Arvind & Tata Steel, some other stocks which will lead the Nifty higher.
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If you draw a trendline on monthly charts on log scale, Nifty is sitting at its trendline support !! If it breaks this on weekly that would mean a fall of more than 1000 points -- only if it breaks :))
All bets off After Nifty Breaks Trendline support !!! Major Support breached !! New Wave pattern now !! Might be bounce back for 2-3 months !! But Be prepared for fall like 2008 !!
AnbHfund
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Warning Signals : Nifty unable to even bounce back on short covering !! Nifty flirting with Trendline support -- If it breaks expect Nifty to follow SPX500 -- On downside !! Other wise still hopeful of last rally of 1000 - 1200 points on Nifty !!
AMBRISH
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Nifty will test support before up move. thanks for adding stocks in your analysis.