NIFTY hits first target at 5,200

NIFTY broke our anticipated subminor supports near 5,400-5,350 levels and headed lower to our intermediate target at 5,200 levels. Sub 5,200 the corrective (Y) wave down could extend lower till our next intermediate target at 4,800 levels. However, the Jiseki cycles are still positive, suggesting a complete (W)-(X)-(Y) correction down and a potential bounce from current supports. The preferred view looks only at a subminor bounce here, after which the intermediate negativity should continue.

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Coverage India: CNX100 traded stocks and Indian Indices.
Michesan Anna-Maria, Head of India Research. Anna discovered her interest of markets immediately after completing her graduate studies in Economics. She followed it up with post graduate studies in corporate finance. A host of research work in behavioral finance, option strategies and quantifying market sentiment followed. Anna covers Indian equity and combines Elliott, Time Fractals and Time Analytics to deliver accuracy across time frames. To review some of her work, check out the annual India accuracy report 2009.