NIFTY roadmap ahead - Bhiar Election results or Objectivity?

                                                                   
                                                            Weekly Chart

- NIFTY after making a high 9119 have been on corrective from February 2015
- Its been 8 months we are into consolidation phase
- Seems to be we are in Wave 4 correction of a 5-wave advance
- Can Bihar elections be the trigger to pull the index up or still some time left?
- Before a meaning full correction still NIFTY is having a potential to test 10000+ levels

But timing is crucial .... Its vital to trade objectively .... Identification of key reversal points with risk management techniques will assist in attaining consistency .....

Corrective moves are frustrating and hard to trade by where people lose money ....

Scenario:

Case 1:
NIFTY hold support 7970 can start rally back towards 8400+ levels

Case 2:
NIFTY breaks 7970 panic selling may emerge and 7690 can be visited .. worst case can test 7450 levels

Key Support      :   7970 - 7820 - 7690 - 7446
Key Resistance :   8140 - 8200 - 8250 > 8340 - 8400 - 8630


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Raju V Angadi Vishwanath, B.E., MS, CMT

Equity Technical Analyst

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