Monday, October 20, 2014

Nifty Hourly Updated view Oct 20, 2014

I have updated the hourly chart with today`s movements as well. The coloured portion is of two day movement now. We see that after the cycle bottomed out at 7724, Nifty has moved up sharply as part of the initial thrust out of a cycle. The question is "is the new cycle right translated or left?"If Nifty weakens in the first four hours in tomorrow`s trade, below 7850, then the new cycle is a right cycle and Nifty will weaken further. It could come back close to 7724 levels.On the other hand if Nifty strengthens beyond 7900, then we are on a left translated cycle and we may buy.In such a case, Nifty could go to 7960 initially.

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