Nifty Wave Count dated 19 nov 2010

Nifty Wave Count:

Primary outlook bearish:
The yellow and the blue count are alternate counts are both bearish.

It would be hasty on my part to say Primary Wave B/2 is over for Indian market.

For now i am watching price action.
Following is my EOD wave count:

 This is a longer term wave count.

Zeroing on closer look:

5245 is the most important resistance for the market on the upside:
1. 5245 is where wave (iv) of previous rising wave 5 ended.
2. 5245 is where wave (iii) of 3 of the down move ended
3. 5245 is 38.2% retracement of wave 3
4. If the rise from wave 5162 is assumed as wave (a) of wave 4, then at 5245 / 5250 wave (c) would equate wave (a) and at wave (iv) of 3, the wave (c) would be 1.618 of wave (a)
5. 5245 is the gap zone so move above that zone would be resisted

Support at 5162: On EOD basis, 5162 is 55 EMA, which will provide good support for upmove, however a closing below this would be very bearish.
and ema 34 is at 5215 is can provide upward resistance. 

On a short term basis, a bounce is probable which can take nifty to 5245 - 5290 levels as well. Break of 55 EMA would result in further sell off.

These studies are based on technical analysis and the author nor the webpage shall be responsible for the profits or losses. The author may or may not have personal holding.
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