NIFTY  LIKELY TO FIND SUPPORT AROUND 5140

      Last week nifty opened at 5134.45 & went down to register the low of the 5101.20.It then rose to mark the high at 5269.95 & finally closed the  week at 5262.80.Thus it gained 125.80 points over the previous week which is just 2.50%.

RETROSPECT: -  We have booked profit on nifty purchase of 5076 at 5261 & holding no position at the moment.

SENTIMENTS: - Market sentiment has turned bullish with the crossing of 5000 as well as no adverse proposals from budget helped to boost the sentiments.This was further boosted due to FII continuous streak of buying figure.

In both the wave counts from the bottom of 4675 there is an upward wave is unfolding & the structure & characteristics of this rise will provide the further insight into the likely wave trajectory for the coming days. Down below in an 120 min chart we have attempted to analyze the further wave counts & various probabilities. For the coming week it shows that it is likely to react to 5150-5100 range before making any further move on upside. Speaking more precisely in terms of ELLIOT WAVE THEORY it should come down to 5144-5126 range.




JAPANESE CANDLESTICK:- Last week there was a weekly CLOSING MORUBOZU formed.This is a bullish sign.However it has been formed at the previous peak so should be treated with caution for further bullishness.