Weekly roadmap for Nifty cash
Actual against anticipated, from last report
Weekly wave chart
1.
Higher degree pattern anticipated from the end of wave circled C (in red) is Diametric. Currently, wave circled e (in green) is unfolding.
2.
The pattern anticipated inside wave circled e (in green) is again Diametric. Currently, wave (G) is progressing.
3.
The anticipated wave circled e is expected to conclude in the area of 6515-6620 before end of March 2014. A major top may form in the above mentioned resistance area. Kindly note, the decisive breach of 6620 may push index upwards towards next resistance of 6840 BUT that may take place in extreme case and will be due to some major event.
4.
The important level to watch during March 2014 is 6210 on Nifty cash which should not be breached on lower side if the index is to move towards 6620 resistance. The breach below 6210 before end of March 2014 will indicate the completion of wave (G).
5.
The completion of Diametric as wave circled g may open Nifty cash for down move and the expected minimum down move is till 5930 which may be reached before 30th April 2014. The probability is high of reaching 5930 level during March 2014 itself if the top of wave (G) gets confirmed during next five working days.
6.
The above mentioned expected down move may find support around 5700.
Analysis : Anticipation for next 2-3 weeks.
Weekly wave chart updated till 07/03/2014
1.
The pattern anticipated from the end of wave circled d is Diametric OR a complex correction with first part as Diametric.
2.
Till date, probably, wave (G) of anticipated Diametric is unfolding. The other probability is that wave (A) of some corrective pattern is going on after a missing X wave.
3.
The major resistance is at 6620 and the index is not expected to go above it IF only Diametric is unfolding. But if complex corrective with missing x wave is unfolding then index may move up till 6650 or 6840 depending on the variation of second pattern (first being Diametric).
4.
On lower side, 6415-6370 is the support area and breach of 6370 (without breaching above 6620) will negate the possibility of complex corrective (that is, possibility of crossing above 6620 will get negated).
5.
The important weekly levels to watch on Nifty cash are 6620 and 6370. The decisive breach above 6620 will increase the probability of index moving towards 6840 with in between resistance of 6650. Whereas, if index moves below 6370 (without moving above 6620) then whatever top is formed below 6620 will be the major top which may not be visited during next 2-3 months.
Analysis : Anticipation for next week.
Weekly wave chart updated till 07/03/2014
The clarity is very less on daily chart. More data will be required to bring clarity on chart.
Conclusion
1.
The important levels to watch during next week are 6620 and 6370.
2.
The breach above 6620 may push index towards 6840 levels.
3.
The breach below 6370 will indicate that major top is in place.
4.
The completion of pattern (if 6620 is not crossed and 6370 is breached) will open Nifty cash for downward move that may reach till minimum of 5930.
5.
The minimum target of 5930 (if 6620 is not crossed and 6370 is breached during the week) may be reached before end of April 2014 (maximum time) with high probability of it reaching before end of March 2014 (if top is formed in next week below 6620).
Actual against anticipated, from last report
Weekly wave chart
Analysis : Anticipation for March and April 2014
Monthly wave chart updated till 28/02/2014
1.
Higher degree pattern anticipated from the end of wave circled C (in red) is Diametric. Currently, wave circled e (in green) is unfolding.
2.
The pattern anticipated inside wave circled e (in green) is again Diametric. Currently, wave (G) is progressing.
3.
The anticipated wave circled e is expected to conclude in the area of 6515-6620 before end of March 2014. A major top may form in the above mentioned resistance area. Kindly note, the decisive breach of 6620 may push index upwards towards next resistance of 6840 BUT that may take place in extreme case and will be due to some major event.
4.
The important level to watch during March 2014 is 6210 on Nifty cash which should not be breached on lower side if the index is to move towards 6620 resistance. The breach below 6210 before end of March 2014 will indicate the completion of wave (G).
5.
The completion of Diametric as wave circled g may open Nifty cash for down move and the expected minimum down move is till 5930 which may be reached before 30th April 2014. The probability is high of reaching 5930 level during March 2014 itself if the top of wave (G) gets confirmed during next five working days.
6.
The above mentioned expected down move may find support around 5700.
Analysis : Anticipation for next 2-3 weeks.
Weekly wave chart updated till 07/03/2014
1.
The pattern anticipated from the end of wave circled d is Diametric OR a complex correction with first part as Diametric.
2.
Till date, probably, wave (G) of anticipated Diametric is unfolding. The other probability is that wave (A) of some corrective pattern is going on after a missing X wave.
3.
The major resistance is at 6620 and the index is not expected to go above it IF only Diametric is unfolding. But if complex corrective with missing x wave is unfolding then index may move up till 6650 or 6840 depending on the variation of second pattern (first being Diametric).
4.
On lower side, 6415-6370 is the support area and breach of 6370 (without breaching above 6620) will negate the possibility of complex corrective (that is, possibility of crossing above 6620 will get negated).
5.
The important weekly levels to watch on Nifty cash are 6620 and 6370. The decisive breach above 6620 will increase the probability of index moving towards 6840 with in between resistance of 6650. Whereas, if index moves below 6370 (without moving above 6620) then whatever top is formed below 6620 will be the major top which may not be visited during next 2-3 months.
Analysis : Anticipation for next week.
Weekly wave chart updated till 07/03/2014
The clarity is very less on daily chart. More data will be required to bring clarity on chart.
Conclusion
1.
The important levels to watch during next week are 6620 and 6370.
2.
The breach above 6620 may push index towards 6840 levels.
3.
The breach below 6370 will indicate that major top is in place.
4.
The completion of pattern (if 6620 is not crossed and 6370 is breached) will open Nifty cash for downward move that may reach till minimum of 5930.
5.
The minimum target of 5930 (if 6620 is not crossed and 6370 is breached during the week) may be reached before end of April 2014 (maximum time) with high probability of it reaching before end of March 2014 (if top is formed in next week below 6620).
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