Nifty Forecast


S&P CNX Nifty Daily Chart
Nifty Daily
The Nifty has broken all Camarilla barriers and has moved above the H5 level for Sepetember which is a bullish zone. A series of jumps took the index to a close of 5610 today and we are still looking at higher figures. We do not find any prominent Wolfe Wave but there can be some resistance near the 1 - 3 line which is marked in red on the figure. 


Gann studies reveal that the 16th of September 2012 was a reversal date and which was a Sunday. Hence we can consider today the 17th of September to be the reversal day, which has also been highlighted by the market with a bearish candle today. A close at anything below 5585 tomorrow would confirm the reversal and would commence a bearish trend.
 
We are expecting a reversal confirmation and a penetration into the H5 Camarilla level for a target of 5414 again this month, which is the H4 level for September.

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1 comment:

  1. The reversal was not confirmed today as the market closed above yesterday's low. The next reversal date is on the 19th of September, which is a market holiday. Hence 20th should be the next date to be considered, which must be confirmed on the following trading day, i.e. the 21st of September. A confirmation would mean that the market closes on the 21st below the low of the 20th. Hold on to the longs until the reversal is assured.

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