AUTOMATED TRADING

AUTOMATED TRADING

18 July 2013

NIFTY ELLIOTT WAVE LATEST PATTERN WITH OPEN INTEREST ANALYSIS FOR VERY SHORT TERM

Nifty opened near 5987 levels and prices traded within the range of 6005 and 5975 till 4 hours. Yesterday stocks like ITC, HUL, TCS, Reliance were the ones that helped index to stay up and on the other hand Banking, Metals and Auto sectors continued to be under pressure but nifty succeed to close in positive any how. Nifty As shown below on 60 mins chart, prices took support exactly on the lower trend line of the channel and bounced back, indicating STRONG support in that zone. The Gap between 6030 and 5930 created on Tuesday is filled today. As we have given information in my previous post, that break above 6010 level will give next direction. From wave perspective, It seems that nifty is rising with double zig zag correction. It seems that it has competed its first standard correction in the form of a-b-c-x. Now the wave x seems completed and today nifty started for next round of correction in a-b-c format. upside  of a wave should continue nonstop up to 6130 level.
Today 6100 put added fresh 19.67 lakh contracts in open interest and 6000 put added 21.30 lakh fresh contracts in open interest. As nifty future was up by 81 points and increasing in open interest in 6100 and 6000 are indicating nifty may kiss 6130 next resistance level and may hold 6000 level as strong support.
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