Nifty resisted valiantly at POR.

by Dean Market Profile on Wednesday, January 11, 2012 in Elliott Wave, Indices, Nifty

Nifty as per my analysis may have topped today, but only market action can confirm it. I have marked may levels on the chart, we took support at 4841 and bounced back sharply, we might have formed an irregular correction in wave (ii). and once the base channel in green color is broken down we might correct sharply, and embark on wave (5) down.

About Dean Market Profile
Dean is a fulltime trader for last 13 years. He is passionate about technical analysis. His instruments of choice are Nifty and banknifty futures and options. His main analysis and trading tools include advanced techniques like Market Profile, Voilume Spread Analysis and Order FLow Analysis. Dean is a teacher at heart and loves sharing his learnings with committed traders. You can check out his courses here...

2 comments:

abhinav12 January 2012 at 09:41
gm aniruddha...
as expected it was gap down day but still we have to wait for confirmation.....nifty has to close negative today..
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Aniruddha Deshpande12 January 2012 at 10:01
@abhinav we are forming a top, so prices will have a tendency to retrace deeper of these initial falls. Once markets give up hope of more upside, markets will fall steeply. Almost all of today's fall can be ascribed to the Infosys's results, and subsequent IT sector falls.
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Wednesday, January 11, 2012

Nifty resisted valiantly at POR.

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