Sunday, May 11

Nifty Weekly Analysis before Exit poll and Lok Sabha election results

Last Week we gave Chopad level of 6726, Nifty did 2 target on upside and 1 target on downside .Nifty has gained 17 % since Sept. 13 when NaMo was officially anointed as Prime ministerial candidate. Exit poll and outcome of the election. IIP, WPI and CPI data due next week. Lets analyze how to trade Nifty before the Lok Sabha election results.

Nifty Hourly Chart

nifty hourly

Nifty Hourly charts took a flying start as soon at 6700 got broken and reached new high. Hourly chart shows potential to up till 6946 on MOnday.

Nifty Elliot Wave Analysis

Nifty Hourly EW
As per EW analysis it shows short term correction is over till 6640 is not broken and bounce back till
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