The RSI fell below 30 for the first time while wave counts are extending in a C. Wave C has a minimum target of 4840 and an extended target of 4785. Once complete this wave C Nifty bounce would occur that might bring us out of oversold territory. 4976 previous Fridays high and 5030 are key resistance levels. The Nifty is now clearly below all the supports from the falling channel and falling wedge like pattern. At 5040 that high should be formidable in the short term. The 61.8% retracement at 4950 broke, 4785 was the 75% retracement that it tasted on friday and from there Nifty smartly recovered.

Now the question is where will nifty go from here. Two situation are creating here. 
1:- it should jump smartly upto 5900 in three sub waves.
2:- It should fall up to 4200 level in two sub waves.
Currently nifty is in highly oversold zone on both daily and weekly charts. Watch carefully 4935 level on monday. for up move nifty must close above this level and closing above this level will give first confirmation for up move.After crossing 5030 level and closing above this level on weekly basis will give second strong confirmation for the target of 5900 in next two  months. These all things will only happen when global market will support our market.
Dow jones has strong support at 12250,  so key level to watch this 12250 for dow. If we move below 12250 on DOW we may see fall up to 11800-11500. In that situation our market will not act in different waves and we may fall up to 4500 again after failing 4935 level on nifty.
Therefor 12250 for DOW level will be trend decider level for all market.


80% chances ---------------------------5900 in next two months
20% chances ---------------------------4200 in next three months

TODAY LOW 4837 IS BIG SUPPORT FOR NIFTY. NIFTY MAY BOUNCE FROM HERE. ANY CLOSE BELOW 4800 WILL CREATE LIKE PANIC SITUATION. AS PER ELLIOT WAVE ANALYSIS NIFTY HAS COMPLETED ITS DOWN MOVE CORRECTION. AS PER NIFTY WEEKLY CHART ABOVE NIFTY IS AT A LONG TERM TREND LINE SUPPORT.
ANY TIME RED CAT BOUNCE. AS PER SLOW STOCHASTIC NIFTY WEEKLY CHART IS IN HIGHLY OVERSOLD ZONE.
THESE THREE REASON MAY GIVE NIFTY BOUNCE BACK.
CURRENTLY NIFTY IS AT CRITICAL JUNCTURE, BOUNCE BACK FROM HERE BULL  WILL FLY UP TO 5900 LEVEL. AND SLIPPING BELOW 4800 WILL CREATE PANIC TILL 4200 LEVEL IN NEXT THREE MONTHS.
ANY CLOSE ABOVE 4940 WILL CONFIRM THE BULLISH REVERSAL. AND CLOSE BELOW 4800 WILL CONFIRM LONG TERM TREND LINE BREAK DOWN BEARISH TREND. 

BUY HINDALCO  AROUND 111 KEEP STOPLOSS AT 100 AND HOLD FOR THREE MONTHS

BUY SBI AROUND 1800 AND HOLD FOR TWO THREE MONTHS. KEEP STOPLOSS AT 1700

The Sensex closed at 16328, up 112 points from its previous close, and the Nifty shut shop at 4943, up 35 points. As per EOD charts nity is in highly oversold zone on daily and weekly charts. As per option open interest data 4800 put has higest open interest at 7355250 and 4900 put open interest at 7118150. which further giving signal that market will not fall below  4800 level. nifty strong support at 4850. After a long time we have seen decreasing open interest in 4900 call. Today  asian market is in red  so expect a red opening and pull back rally in last hour is expected. 

 Market is fully oversold zone. put call ratio is at 0.93.Today is final match between bull and bears. a trend reversal is expected today. If market slip up to 4850 level  in intraday don't miss it to grab  there nifty future or 4900 call at current market price.
sustaining above 4950 will confirm the bullish  reversal.

 The markets closed with moderate losses today with metal, auto and power being the worst performers. Banking, IT and realty, too, closed negative and oil & gas and consumer durables were the only two sectors that closed positive. The Sensex closed at 16420, down 60 points from its previous close, and the Nifty shut shop at 4966, down 9 points. 

Nifty 4900 put open interest added 542,650 contracts with highest total open interest 7065850 in put side. Nifty 5200 call open interest added  301,000 with total open interest 6899100. nifty 5000 call open interest added 540200 contracts in open interest. once again a volatile move we may see tomorrow between 4900-5000.

Nifty 61.8% correction has been completed today.

Now 3 situation can be happen from here.

1.- A bounce back  rally may be seen upto 5115 sustaining above 5115 we may see short covering upto 5200 level.

2.- closing below 4950 a sharp fall upto 4820 level and expect correction completed there, and a pull back rally from there to 5200 level.

3.- market may trap at 5060 level and fall from there upto 4820 level.

Now consider what else supporting current situation.

Nifty higest open interest in 4900 put and buy started by FII today suggesting the situation no 1. 

world future indices at the time of typing this report is in favor of situation no 1.As per nifty EOD daily charts all tech indicators is in oversold zone and supporting that market should take support at 4950. this situation is also in favor of situation no 1.

 As Nifty Futures was down by 17 points and OI has increased by 14803 , which signify more shorts have been created today supporting for situation no 2. Nifty monthly charts suggesting  for situation no 3.

Now watch tomorrow 5010 level, if this level sustain for an hour a pull back rally may be happen other wise nifty may fall upto 4930 level tomorrow.

                           CONGRATULATION !!!!!! 
TO ALL MY VIEWERS ON COMPLETION OF TEN              THOUSAND VIEWS.

 The Indian market cracked in late trade to end at the lowest point of the day and with huge losses after a sell-off seen in banks (following poor Q4 earnings), IT, realty and capital goods. The Nifty closed below 5000 for the first time since January 18, 2012. Global weakness weighed on the Indian markets too as uncertainty loomed large over Europe post election results in France and Greece. Sensex shut shop at 16546, down 366 points and Nifty at 4999, down 114 points from the previous close. As Nifty Futures was down by 120 points and OI has increased by 9.43%  which signify more shorts have entered into the system today.
Nifty 5000 call oi added  1,163,700 contracts and Nifty 4900 put added 1,092,250 contracts in 


open interest.Nifty tried lot to cross 200 DMA today but failed to sustain above this is itself a


bearish sign. As per nifty EOD charts RSI and slow stochastic indicators are in favor with bears.


 secondary nifty has given two closing below 200DMA. Fii used the rise as short in 


Nifty future yesterday.AS per option open interest data From 4900 to 5200 call  total open interest


14228100 and 4900 -5200 put total open interest 18399950. still put open interest is more than 


call open interest. Long term falling trend line support is coming around 4950. This level is all 


ready indicated in earlier posts.


Now what is conclusion:- watch the 4950 level on wednesday. Nifty any close below this level 


create more panic in market.  

SUBSCRIPTION HAS BEEN OPEN NOW FOR TWO DAYS, TODAY AND TOMORROW.
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Last week the Indian market traded within a tight band for the most part until friday when the indices broke out of the narrow range and proceeded downwards breaching all important levels. The benchmark indices were at the lowest point since January end this year with infrastructure being among the top losing sectors. Last  week's performance was poor and the numbers are: Sensex down 2.1% and Nifty down 2.9%. Nifty broke its important level  and has given closing below 50 WEEK SMA. The sentiment is total bearish now and Monday move will be important session for next trend decider. Nifty 5100 call added 1,522,200 contracts and 5200 call added 1,662,450 contracts in open interest, idecating huge writings in these calls. Nifty 5000 added 1,677,650 contracts with total open interest 5,688,900. Watch monday session carefully. break below 5060 level Nifty may slip to 4950 level. As i told you in my previous post that any break below 5180 nifty may  fall sharply. You all would have been seen this in last session.
As per Nifty EOD charts all technical indicators are supporting bears. Need to be very carefully at this level. If nifty jump 30 points up on monday  shorting in nifty around 5112 is less risky than buying. 
I highly expect Nifty will come 4950 and i have all ready predicted this level earlier.

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