as i thought before that nifty could be in ABCDE pattern ( traingle ) but recent analysis indicates it's a ABC pattern which is compeleted near 5120 level /5050 on the fibonacci basis. so it may be ALT.4 th wave or 1 st wave for bearish pattern.so every rise we should creat short position sl of 5330-40 level. tgt.5120/5050
the red line---- is a strong support near 5160 ( on daily basis) & 5230( intraday basis) , if the price line is trading below this red line on daily basis then may see more down trend ( min. 500 point ) .
short reliance @ CMP TGT.1000/990
SHORT lT@CMP TGT. 1550/1500
