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Nifty daily analysis



Overall, 7740 -7760 will act as strong resistance for the Nifty and failure to hold above these levels will creates strong possibility of negative bias (temporary correction around 7400-60-80 levels). Only   stable move above these levels will lead continuation in rise…..so the investors are advice to keep eyes on 7740-60 levels while building long positions…).

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Nifty retraced 80% of previous move....Now 6080,6180 remains watchable levels....strong possibility to hit 6335 again but that could be the end.....

In previous article (published on Nov. 2010. Feb 2011) we said about downward large “C” wave.


Further we said that it could be a triple combination (Published on 18th Jan 2012, as long term view). In that article, we said that Nifty will hit 3800-4200 levels in case of Triple combination but in case of D’ble combination it will end nearby 4400 levels. After that Nifty witnessed 28% fall (58 trading week) up to 4531 levels from the top of 6335 levels and again rebounded at 6000 levels ( rule of D’ble combination, See below “Long term view” chart).


As per proportion of D’ble combination, Nifty achieved “at least 80%” retracement of previous move which comes at 5970 levels and still showing strength ( Remember, D’ble combination always retraces “at least “ 80% of previous move and maximum it can retrace 101% of previous move as per rule. Means, there is strong possibility that Nifty may test 6335 levels in coming session but that could be an end of “B” of large “c” wave or any wave)
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