Last week nifty opened at 5291.40 & went up to register the high of the 5399.45.It then declined to mark the low at 5290.25 & finally closed the  week at 5361.75.Thus it gained 71.25 points over the previous week which is 1.4%.

RETROSPECT: - We are waiting for a dip or good consolidation to enter long.

SENTIMENTS: - Market sentiment has turned bullish with the continuous & consistent flow of FII.However participants are curious as well as cautious for the coming EARNING SEASON.

ELLIOT WAVE THEORY: - The recent price action has emerged out with the different set of wave counts in the daily chart. First we have drawn a  expanding diagonal  triangle pattern from 3918.75 (the low of 13th July 2009)& this has ended the wave 4 leg at 4675.40 on 8th Feb 2010.Since then it has been unveiling the wave 5 on upside. This has been depicted in the dark green color. Alternatively we have labeled an impulse pattern from 3918.75 to 5181.95(20th Oct,2009).Then we have labeled an irregular flat pattern. This irregular flat has ended at 4675.40 on 8th Feb,2010. This we have marked on the chart with the pink color.

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 rise further a bit more to complete the current wave & then unfold the correction for 5150.

JAPANESE CANDLESTICK:- Last week there was long white candle formed has cleared the hesitation or indecision denoted by HANGING MAN & then DOJI.This clearly establishes the bullish uptrend.

CHART PATTERN:- There is no specific chart pattern but all oscillators readings are bullish.

PULSE-READING:- JKD SOUL VOICE SAYS JUST BE BULLISH AROUND 5325-5300 WITH THE STOP OF 5280 FOR THE TARGET ABOVE 5700 IN THE MONTH OF APRIL OR MAY.

OUTLOOK & STRATEGY:- Go long on any dip near to 5300.