For Monday (2nd June, 2014), the decisive level for Nifty cash is 7275 and 7209.
The breach above 7275 may push Nifty cash towards 7370-7410 area whereas breach below 7209 may start a fall towards 7000 levels.
NeoWave Analysis of Nifty cash Weekly wave chart
Conclusion:
1.
The Nifty cash is in wave (G) of a Diametric pattern that started from the lows of 4588.05 (made during the month of January 2012).
2.
The wave (G) of above mentioned Diametric pattern may be unfolding as “Double Combination” pattern consisting of Diametric and some other corrective pattern (expected as Flat or Contracting Triangle).
3.
Currently, the Nifty cash is unfolding second corrective pattern and may be in wave (a) of it. The wave (a) of second corrective pattern again seems to be Complex corrective wave consisting of Zigzag and Flat/Triangle.
4.
The decisive level is 7193. If 7193 is taken out during next week then wave (a) is over at 7504 or else, a small up move may take place which will not go above 7527 but may rise up till minimum of 7370.
5.
The completion of wave (a) may open Nifty cash for down move which may bring down the index till 7000 levels.
6.
In case, if 7527 is breached then the expected down move will get negated.
7.
The important levels to watch during the week are 7193 and 7527.
NeoWave Analysis of Nifty cash Monthly wave chart
Conclusion:
1.
The Nifty cash seems to be unfolding Diametric pattern from the lows of 4588.05 (made during the month of January 2012) and currently is in wave (G) of this Diametric pattern. The completion of wave (G) will also complete the larger circled d (if the anticipated pattern turns out to be correct).
2.
The wave (G) of above mentioned Diametric pattern may be unfolding as “Double Combination” pattern consisting of Zigzag and some other corrective pattern (expected is Flat or Contracting Triangle). The 2nd corrective pattern (expected as Flat or Triangle) of wave (G) becomes equal to 1st (Zigzag) at 7576 and hence index is expected not to cross above 7576 (+/- 10 points) in near future and a major down move is expected to take place before 7576 is crossed. The expected major down move may take place only after completion of wave (G).
3.
The important levels to watch during the month of June 2014 are support area of 6980-6865 and the resistance area of 7570-7580. The Nifty cash is not expected to cross above or below given support and resistance levels.
4.
In short, the Nifty cash is expected to move sideways in the zone of 700 points during the months of June and July 2014.
NITIN SIR
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