Weekly roadmap for Nifty cash-31.03.2014 nitin sir

Well, the Nifty cash has crossed above our resistance off 6620. It has even crossed above 6650. In the previous report dated 8th March 2014, it was mentioned that if 6650 is crossed then the index may move towards 6840. So what next ?

The counts remains same but the time and price limits had changed due to extension in last wave.

Analysis : Anticipation for next 2-3 months.

Monthly wave chart updated till 28/03/2014

1.      The pattern anticipated from the end of wave circled c (red) is Diametric and currently, wave circled e (green) may be near conclusion.

2.      The anticipated wave circled e (green) seems to be unfolding as Diametric again and currently, wave (G) may be unfolding.

3.      The wave (G) is expected to conclude somewhere below 6760.

4.      If wave (G) concludes below 6760 then the Nifty cash may fall till minimum of 6200 before end of April 2014.

5. But if wave (G) crosses above 6760 then it has the capacity to extend till 7140 with in between resistance at 6875. In this case, due to extension, the expected fall may get late and may take place till end of June 2014.

Analysis : Anticipation for next 3-4 weeks.

Weekly wave chart updated till 28/03/2014

1.      The wave (G) may be very near to its conclusion and is expected to complete somewhere below 6725.

2.      If Nifty cash fails to move above 6725 and falls below 6470 during next week then it will indicate the completion of wave (G). In this case, the Nifty cash is expected to fall till minimum of 6200 before end of April 2014.

3.      But if Nifty cash crosses above 6725-6750 area then the monthly resistances at 6875 and 7140 will be required to be watched.

4.      If Nifty cash crosses above 6725-6750 area then wave (G) is extending and in this case, the expected fall may get delayed and 6200 may not be reached before end of April 2014.

Note : The clarity on daily chart is very low and hence is not presented in this report. But the cross below 6640 on or before 01/04/2014 will increase the probability of reversal. If 6640 is crossed on or before 01/04/2014 then we need to watch 6470.