Weekly roadmap for Nifty cash--NITIN SIR

Analysis : Anticipation for next 2-3 weeks. 

Weekly wave chart updated till 14/03/2014.

1. The pattern anticipated from the end of wave circled d is Diametric 

2. The last leg of anticipated Diametric is wave (G) and it may have been completed. 

3. The major resistance is at 6620 and the index is not expected to go above it 

4. The crucial support is at 6430 and its breach will confirm the completion of wave (G). 

5. The important weekly levels to watch on Nifty cash are 6620 and 6430. If index moves 

below 6430 then whatever top is formed below 6620 will be the major top which may not 

be visited during next 2-3 months. 

6. But if Nifty cash moves above 6620 then the count inside wave (G) will change. In this 

case, probably, there is missing wave (x) somewhere around 6375. Hence, wave (g) will 

end around 6375 and the move from 6375 to 6562.85 will be wave (a) of some corrective 

pattern. The next down move from 6562.85 to 6432.70 will be wave (b). Currently, the 

index may be in wave (c). The breach of 6620 may push index towards 6650

                                   Analysis : Anticipation for next week. 

Weekly wave chart updated till 14/03/2014 

1. The probability is high that wave (G) has completed.

 

2. If wave (G) is completed then Nifty cash should fall till minimum of 5950 on or before 

18th April 2014. 

3. The crucial levels to watch for next 2-3 days are 6430 and 6565. The breach below 6430 

may push index towards our target of 5950 whereas breach of 6565 may push it towards 

6620-6650 area. 

Conclusion 

1. The important levels to watch during next week are 6620 and 6430. 

2. The breach above 6620 may push index towards 6650 levels. 

3. The breach below 6430 will indicate that major top is in place. 

4. The completion of pattern (if 6620 is not crossed and 6430 is breached) will open Nifty cash for 

downward move that may reach till minimum of 5950. 

5. The minimum target of 5950 (if 6620 is not crossed and 6430 is breached during the week) may 

be reached before end of April 2014 (maximum time) with high probability of it reaching before 

18th April, 2014.

Other factors indicating that top may have been formed. 

The Nifty cash is at important Fibonacci resistance level where the last candle is “High wave” 

pattern which indicates reversal if its low is taken out. 

The USDINR has formed “Long legged Doji” on support created by confluence of 34 EMA and 

horizontal support line. The probability is high that the currency may move towards 63 levels.