wait for up swing after RBI policy.

Now nifty corrected well up to 50 day ema. 5165 and closed at 5203.  Global cues are flat to +ve. FII data -ve.  Option writings are bearish. But, if nifty crosses 5240 then go long by clearing shorts with stop loss is 5240 it self.

nifty support levels for this correction.

nifty supports: 5230-5125-5040-4954.
nifty resistances: 5280.

Correction to continue...

Nifty is under correction before a breakout as per Sensex close above 18K. Just now SEBI asked FII something which may increase heat. Also RBI credit policy. Hope markets will correct more with a target of 5000.

Nifty range for the coming weeks: down side - 5250-5210-5200-5000. Up side - 5460-5480-5500 and 5700 zone.

A pause in the run up

Nifty yesterday continued to face resistance at 5400 and drifted downwards further. Global cues are +ve. FII data +ve in cash, squared off longs in F&O. Option writings shows heavy build up in 5400 call and 5300 calls and squared off of 5300 puts.   Expectation: Markets will continue the correction further and if nifty breaks 5300 then 5200-4700. Upper level of 5460 is strong resistance even for today.

A pause at sensex 18K

Trading on previous day shows that market took a pause at 18k of sensex. But all indicators are still positive. Global cues are - ve. Correction is going on. As per weekly charts the high for this week should be 5460. Then correction should be 5300-5180. This may happen on next Monday/Tuesday. Then after Infosys results from 15 th onwards markets may resume upward journey to nifty 5500+ levels. Book profits in Nifty future and call above 5400 with in two days and wait for buying opportunity at lower levels. No major corrections are expected within two months. 

Yes now nifty is in new bull wave.

As seen from the previous day trading nifty crossed a major barrier of 5310 and closed at nifty 5368. Global cues are +ve. FII data +ve. Option writing is +ve.  All is well. Now, nifty will continues to rise up to 5460 and then take a correction before a further rise. Medium term target will be 5700.

New bull wave to start.

As seen from the charts nifty is poised for a break out above 5310 on closing basis. The immediate target for this will be 5460 and a little bit correction on the eve of RBI credit policy review on April 20 th. But, after that correction up to 5200 the markets will come into a new bull wave that may lead to new all time highs during the year.

Global markets are all set for a big rise against to the earlier expectation of correction in the 2010. In such case DOW is meant for a big rise to retrace fully to the new highs during 2010 & 2011. This may lead Indian markets to new highs. In such case nifty new target will be 8400 in the coming 1 & 1/2 year target.