Whooosh - the premise that the grinding fall in INFY during the course of this week had factored most of the negatives but that was not to be..........:( [Put Writers scrambling for cover :D]
Critical Levels and Outlook remain unchanged on both Nifty and BankNifty from previous post
For next week 5032-5092 support band will be critical for Nifty on closing basis whilst 5348 will be critical resistance on the upside. [even in case of a severe fall, 5109 should ideally provide a strong bounce back]
Just updating the image posted earlier this week with data upto yesterday EOD
Last but not the least, would like to point out that now it is futile trying to second guess price action on Nifty basis what is happening on Dow simply because both are in 2 different cycles IMHO. Nifty made the top of 6338 in Nov '10 whilst Dow took 6 more months to find the interim top; on the other hand Nifty has made an interim bottom in Dec '11 whilst Dow is just in the process of beginning its correction. From an EW perspective, there are instances when the falls/rises in Nifty/Dow will have a positive correlation but those are more of co-incidences. Both these indices are on different trajectories
Critical Levels and Outlook remain unchanged on both Nifty and BankNifty from previous post
For next week 5032-5092 support band will be critical for Nifty on closing basis whilst 5348 will be critical resistance on the upside. [even in case of a severe fall, 5109 should ideally provide a strong bounce back]
Just updating the image posted earlier this week with data upto yesterday EOD
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