Nifty's Study

Bearish  Harami in weekly chart. We have witnessed repeated failures of this pattern (Engulfing and Harami) in recent times.

Lowest close in 2 years.The previous troughs of 6869 spot will act as supports.  Strong resistance  7389 spot only.

In six days, Nifty moved from 6869 to 7227.  in weekly  chart Indicators are looking oversold and not highly oversold. 

Options Data : 7400 calls accumulation is clearly visible. (Retailers or Big players?????  At the same time, OI in PUT OPTIONS has been reduced considerably. HIDDEN TRUTH!!

Wolfe wave  (Close near  breakout points) is clearly visible in Nifty and in a huge number of STOCKS.  After breaking and closing below the breakdown levels, normally it will retrace to the breakdown point or a little more.

If opens  flat or 7227 spot  on Monday then can lead towards 7268-7302, and here in daily chart is going to complete (iv)th wave.(Expected)

 try to exit Nifty longs either at 7268 or at 7302 spot levels.  This is the exit message for my positional longs at 7042-6968 levels. Also exit longs if opens above 7227 spot.

If opens higher, try to sell around 7268-7302 spot levels with a stoploss of 7346 spot. Target : New Low. A closing  above 7302 spot will take the Index towards 7582-7611 spot levels.  Technical suggesting this up move but not by Wave thory. The present '5' wave normally won't give respect to oversold or technical.  Let us see.

TRADE LIGHTLY FOR THE UP MOVE

If fails to move above 7268-7302 spot in 2 days,then, expect a vertical fall.

Scrips available at a very low price.  Everybody will be  tempted to buy the stocks only because they are available at throwaway prices.