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 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 -- Arvind & Tata Steel, some other stocks which will lead the Nifty higher.
If you draw a 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