BANK NIFTY

TOP IS NEAR

Nifty top is very near. The maximum Stretch I am assuming up to 6290-6310. As we are seeing in hourly chart below that it seems that expanded triangle pattern has form. As per chart Analysis it is in its final leg of expansion and  If nifty enter above green trend line and if it close above this trend line as shown in picture below then there will be high possibilities that nifty may jump up to 6290-6310 level. After that a big fall is awaiting in market. And if nifty break below lower thick red trend  line then down move may stretched. In very short tern any slide below 6070 will increase the possibilities for downside. Trade cautiously. Weakness in rupees may flow water on bulls expectation.

  

WHAT TO DO IN NIFTY NOW

As you are seeing in chart below that it seems expanded triangle pattern formation has prepared on nifty hourly chart. But nifty is trading in very tight range due to concern of weakness in rupees. I would like to keep aside my self for some time from trading. Let the market decide. Nifty is moving in no trading zone.

Trade above 6125 for positional long and Positional short trade below 6050 followed by 5990.

 NO TRADING ZONE BETWEEN 6050-6125. WASHOUT ZONE FOR MARKET. 

NIFTY LATEST ELLIOTT WAVE UPDATE

NIFTY LATEST CHART PATTERN UPDATE

INDIAN MARKET THE WEEK AHEAD

Indian Market Week Ahead: News and International effect :- 
Indian Market expected to remain volatile due to F&O Expiry and GDP data.After five consecutive weeks of gains, Nifty slide 300 points last week and manage to close at 5983 level . 24 stocks was down out of the 30-stock from Sensex group. We may see another red week ahead, as concerns about global economic outlook on the back of some weak data from China will give effect on the sentiment.The market is expected to see some wild swings ahead of expiry of May series derivatives contracts next week. Market mood for most part of the week, may remain cautious as investors will be eyeing on the March quarter GDP data, which will come out on May 31, 2013. In the December 2012 quarter, India saw a GDP growth of 4.5%, significantly dow from a 5.3% rise a quarter earlier.
Some major famous company quarterly results like Cipla, ONGC, Oil India ,Sun Pharma, Hindalco, GAIL India, Power Grid Corporation, REC, Indian Oil Corporation, BPCL and Hindustan Petroleum Corporation, Wockhardt, Neyveli Lignite Corporation, Canara Bank, NMDC and Colgate Palmolive will help to increase the volatility in the market in coming week amid speculation the U.S. Federal Reserve may start unwinding its asset purchase program soon,  and this could set up a weak start for Asian markets on Monday.
Fiis have been net buyer of Rs 18000 crore in the current calender month, this may prevent from a significant direct fall.

Technical effect for the week ahead:- A bearish engulfing pattern has formed on nifty weekly chart clearly indicating in the change of trend. The gravity force of 50 day moving average is attracting nifty price towards 5843 level. The nifty fall took support at 38.2% level last week. As per Nifty daily chart price has given two consecutive close below 20 day moving average giving vote to bears. As per nifty RSI on daily chart is at 49 level and calling more bears.
As per Elliott wave perspective it seems that rising wave pattern is valid on nifty weekly chart attracting price again towards 5670 level. As per nifty Hourly Chart RSI is trying to improve upside with consolidation in price indicating more dip is due in the market. 
In short Market is in sell on rise mode until nifty give a break and close above 6080 level technical level.

 TATA MOTORS weekly chart is given below. Clear rising wave pattern has formed on weekly chart with losing momentum on RSI indicators. Break below lower trend line bear will take TATA MOTORS towards 125 level.