Since NIFTY has bounced from 5216 to the heights of 5720 last week ,bulls are showing attitude like Kareena Kapoor and are murmuring "Mein Heroine Huin"....but remember tht same attitude got her down...Arjun Rampal (HIndustan Unilever) has already started moving against Kareena (bulls in our case). NIFTY thinks Randeep Hooda (HDFC Bank) could save her. Now all depends on her move tomorrow. All the major economies have announced monetary easing plans. My last post already mentioned above plans by ECB, FED and India, but china followed and so did japan. China has announced road building of about 2000 kilometers to boost employement while japan has raised its easing limit by 10Trillion yuan to 30Trillion yuan. But both the number countries Japan and China are fighting over the ownership of island pvt owned by Japan businessman. This has affected japanese companies operating in China. Where everything was gng fine in financial world some social cause has spurt up. Consumer confidence has increased in USA. Sentiments are bullish for long term for sure but i am expecting some profit booking in markets around the world .Technically speaking NIFTY is trading in sweet elliot wave formation. NIFTY is in Currently forming 4th Wave of Extended 3rd Wave of Extended 3rd Wave of Higher bull run as u can notice in the chart. Indicators and Oscillators are trading in overbought zone on daily basis while its flat on weekly basis and bullish on Monthly charts. Bearish engulfing had been witnessed today on nifty daily chart which is suggesting a reversal or consolidation in the current uptrend. So if the NIFTY opens up below 5650 and trades below the same level than go short with stop loss of 5701. Targets on the downside are 5601,5527,5468 and 5408. Profit Booking levels wil be 5585 and 5492 on the slide. So lets c whats the next publicity stunt by Bulls to save their last chance tomorrow..Fingers Crossed
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