Nifty : Long

NSE_EOD:NIFTY   Nifty 50 Index
309 3 6
EIther this is the start of Wave 5 :

If we are in start of wave 1 of wave 5
Expect to finish Nifty closer to 7600 by end of Jan -- which would confirm long bias !!
Wave 1 needs to break the upper trendline and bounce back from it -- which will confirm start of Wave 3 of Wave 5.
Axis Bank has shown 2-3 gapups a sign of upmove !! Look out for Yes Bank as well in coming next week !!
Bank Nifty             and Reliance will lead this rally -- with Sunpharma looking to break its upper trendline -- Arvind & Tata Steel, some other stocks which will lead the Nifty             higher.


If you draw a trendline on monthly charts on log scale, Nifty is sitting at its trendline support !!
If it breaks this on weekly that would mean a fall of more than 1000 points -- only if it breaks :))

Stop Loss: 7250

All bets off After Nifty Breaks Trendline support !!! Major Support breached !! New Wave pattern now !! Might be bounce back for 2-3 months !! But Be prepared for fall like 2008 !!
Warning Signals : Nifty unable to even bounce back on short covering !! Nifty flirting with Trendline support -- If it breaks expect Nifty to follow SPX500 -- On downside !! Other wise still hopeful of last rally of 1000 - 1200 points on Nifty !!
Nifty will test support before up move. thanks for adding stocks in your analysis.
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