Nifty Forecast

Nifty EOD Chart
S&P CNX Nifty - Daily
Nifty Hourly Chart
S&P CNX Nifty - Hourly
The S&P CNX Nifty, the major index of the National Stock Exchange of India did decline a reversal yet again. The index was in the green throughout the session and did close well above yesterday's low of 5639.70. The reversal not being confirmed, we may expect the index to shoot up further on Monday. Camarilla levels though are not suggesting anything since the index has already moved into a zone above the H5 level for September. Wolfe Wave patterns are also not significant on the EOD charts. The next reversal date as per Gann studies is also on Monday, the 1st of October 2012, which will however require a confirmation on the following day.

Hourly charts for the Nifty also show that the index has closed just above the 1 - 4 target line of the last Wolfe Wave pattern. The line in yellow is a target and is a support as well. With this in mind we can expect the index to shoot up, though the next trading day is again a reversal day. With new Camarilla levels for the new month, we will be able to get a clearer picture once the market opens on Monday. However, for the time being and keeping all the studies in mind we can very well expect a green beginning for October.

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