POSITIVE BUT VOLATILE MOVE IS AHEAD.
On December 10 we projected the move up to 6609. Nifty made new high but fell from there, but we consistently writing that one final move is due before big sell off. Nifty bounced back from 6140 level and now targeting for once again new high. All negative news has been discounted now.
In our previous post we predicted possible up move in Bank nifty, BHEL, RELINFRA, and Sun pharma. Sun pharma didn't executed but all three gave a sharp bounce back.
Just see the longer picture on nifty and possible wave formation.
Open Interest analysis:-
Nifty 6200 put added 21 lac contracts in open interest and premium lose by 10 point and nifty 6300 put added 14.5 lac contracts in open interest and premium lose by 37 points indicating 6300 and 6200 put has been written in Friday session. All these indicating move above 6300 for next session.
As per Elliott wave analysis we will have to watch that either move make new high again or not. Currently we are moving in second standard of correction. If correction terminate here than down move should start from 6600. If correction extend into third standard than it can slide first towards 6000 level and then it may jump for final spike upto 6950 level. Upper trendline resistance is coming now around 6600. Bias are positive now.
In short as long as nifty is protecting 6130 level our view is positive for very short term for possible target 6600 in near term.
HINDUSTAN UNILEVER IS READY TO BLAST.
