Indices
Wednesday, November 06, 2013
INDICES: MEDIUM TERM TARGETS ACHIEVED
NIFTY: 06.11.2013.
We have also seen stock specific euphoria rally in midcap & small cap segments in recent rally of market. These Indices also achieved its targets as expected below.
These are two preferred options looks to me as per chart attached at current levels of market on nifty, Will watch out further for other possible options, if any.
Bullish
1.As per first charts, it looks like Full leading diagonal & its internals can be also counted as 5-3-5-3-5 ( Impulse one)Then we already started beginning of Bull Run & currently we are in last leg i.e. wave-E of leading diagonal, so Up side looks limited to me in near term & wave-II correction will be best opportunity to enter for buying for medium to long term perspectives.& all pains are behind us & recent lows of Aug 2013 of 17448 in sensex & 5118.85 in nifty is bottom & its not going to break in wave-II correction.
Bearish:
2. As per 2nd chart, if we are ignoring last week negative close & assuming extension in wave-C of Z as per chart attached then in that case we reached in 9th leg, it also indicates limited upside in near term.
Both these options indicating limited UP side on main Index in near term But this recent rise from Aug 2013 bottom came out with strong bullish wave count for Indian market as mentioned above for long term perspectives & we may have ended Time wise Bear market.
I am not choosing any options at current levels of market for long term perspectives & not keeping any bias as well, will conclude it based on market further development & esp. in this corrective retracement of entire rise from low of 5118.85 to high of 6342.95 levels. One should book profit & be stock specific at current levels of market