NIFTY cracks 150 points after unable cross resistance 8462 (8412 Spot) on closing basis (http://swing-research.blogspot.in/2014/12/nifty-bleeding-in-red-looks-oversold.html) as the move touching 23.4% suggested in one of our previous blog (16th December 2014) and reverting back forming lower top & RSI range shift. Any close with higher volumes today below 8310 could add more pain towards 8175/8008/7820 levels in coming sessions ahead.
Daily Chart
2 - Hour Chart
After completing a-b-c in a 5 -3 - 5 (2 - hour chart) up of a wave B. Today's move confirms Wave C of Wave 4 (higher degree) has started with bang on weak global cues, which could again be 5 - Wave decline.
Warning: This is just an educational view. Consult your personal financial adviser before committing any capital.
Raju V Angadi
Equity Research Analyst
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Disclaimer: This is just an view based on the research of individual for educational purpose. So kindly trade along with the consultation of your financial adviser, market trends, price action and own risk appetite considered while investing or trading in markets
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