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Viewing report
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Alpha India Indices - NIFTY hits first target at 5,200
Orpheus Capitals, June 2011, Pages: 6
NIFTY hits first target at 5,200
NIFTY broke our anticipated subminor supports near 5,400-5,350 levels and headed lower to our intermediate target at 5,200 levels. Sub 5,200 the corrective (Y) wave down could extend lower till our next intermediate target at 4,800 levels. However, the Jiseki cycles are still positive, suggesting a complete (W)-(X)-(Y) correction down and a potential bounce from current supports. The preferred view looks only at a subminor bounce here, after which the intermediate negativity should continue.
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