Weekly roadmap for Nifty cash Date :21/04/2014

Analysis : Anticipation for next 1-2 weeks.

Weekly wave chart updated till 17/04/2014

1.      The wave (g) of a Diametric pattern (which started from 5118.85) is in progress.

2.      The clarity about pattern inside wave (g) is less. It may be Complex corrective pattern (Zigzag –X- some corrective pattern) OR Diametric.

3.      The 6845-6855 area on Nifty cash is crucial resistance area. If Complex corrective pattern is unfolding inside wave (g) then index should not move above 6855.

4.      In case, if Nifty cash crosses above 6855 then Complex corrective pattern is negated and Double Zigzag becomes the possibility. In this case, the index may make top somewhere below 7180.

5.      The uptrend in Nifty cash is intact till 6650 is not breached and has the capacity to move up till 7180. If 6650 is breached then it is the indication that uptrend is over.

Daily wave chart updated till 17/04/2014

1.      The Diametric seems to be completed in the above daily wave chart.

2.      The wave G seems to be forming Flat pattern and currently wave c of expected Flat pattern is unfolding.

3.      If the above anticipation of Diametric pattern is correct then Nifty cash should not move above 6806 level and should fall towards 6460 but, kindly note that the anticipated pattern will be confirmed on breach below 6665.

4.      The wave c of the Flat may get subdivided and may unfold as Terminal Impulse.

In this case, the index may remain between the range of 6806 and 6720 till 23rd April 2014.

5.      In case, if Nifty cash moves above 6806 then the probability of it moving above 6820 and reaching higher levels will increase and hence, the anticipated pattern of Diametric will get negated.

-nitin sir

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