Nifty 50 Forecast

Nifty 50 Daily Chart
S&P CNX Nifty - Daily
Nifty 50, the most prominent index in the Indian stock markets has cooled off after a long rally. The Gann reversal occurred on the 5th of October 2012 and was confirmed on the following trading day, i.e. the 8th of October 2012. The existing southward move is expected to continue for some more time as the index did not reverse on the very firth reversal date that was available since the inception of the downward trend, which was the 10th of October 2012. 

Nifty 50 Hourly Chart
S&P CNX Nifty - Hourly
The next reversal date as per Gann studies was on the 13th, which was a trading holiday and can be considered to be today, the next trading day.
Further dates are 19th, 23rd and 26th of October and 8/10/14/18 trading days counted from the 5th of October 2012.
Camarilla levels for this month suggest that the index is sitting in a weak zone in between the H3 and the L3 levels which are 5846 and 5560 respectively. Once any of these levels are broken, we can expect some more momentum in the index towards a definitive target. On the whole , The Nifty holds a bearish outlook for some more days to come.

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