18 October 2009

Mahurat Day : Minimum Nifty Target Achieved

Nifty reached 5175 momentarily and as per Elliot counts, the minimum target has been attained. (read previous post). Though Nifty opened strong it lost all the gains and closed flat. Nothing in the horizon can be seen to announce the end of the uptrend in the short term and we should hardly make anything out of the 1 hour token trading where institutions are absent. But how many times do we see anything "happen" to break the trend.

As per my opinion we can go higher but the conviction with which I say is lower, and to be honest I will keep my stop loss strict to protect the profits. We should be mentally prepared for correction which can be as deep as 4760.

Here are the levels to watch if we don't go any higher (ideally the target of Wave 3 is 5310).
4985, 4860 and maximum 4760.

I will emphasize that if this short term uptrend is broken here, there are higher chances of a deeper correction (more towards 4800).


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