Nifty analysed for week ending 08 Feb 13

5 Years monthly chart is analysed on the basis of Fib numbers and elliott wave theory

2 months up close 

3 months down 

8 months up 

3 to 5 months  possible down 

3 -5 months up close   as per elliots wave rules 

January  closed at positive note but candle is somewhat shooting star type...

Hanging man candle on weekly chart proved its importance and last week was dedicated  to bears have a look at prediction of last week
http://www.dhanvarsha.in/2013/01/nifty-outlook-for-expiry-week-ending-on.html 
weekly chart is showing that market is under selling pressure at higher levels  5885 will be gud support  and 6100 will act as stiff resistance so advising to sell on rise  till Nifty spot will trade  below 6040 ...

Daily Nifty chart is showing that 1st time after 2 months nifty closed below 20 DMA ...and in horizontal channel 5940 -6040
so immediate support will be 5940  ...
nifty may trade in 5940- 6040 range if no major in put of negative or positive news in next week ...
but established current short term trend as per eod chart is Bearish ...

Conclusion ...
Nifty may trade between 5885 - 6050 level for week ending 08 Feb 13...

option call advised to buy at 55 56  gained 20% on day 1 ..
call was
kailash123p@yahoo.co.in (2/1/2013 10:16:57 AM): buy 6000 pe at 55 56 sl 47 tgt 67 87 107
Traded like this

Mr Roy  gained 14 points on intra day trade ...


kailash123p@yahoo.co.in (2/1/2013 2:31:55 PM): so how much u have gained today
RoY (2/1/2013 2:37:03 PM): 1400 around
RoY (2/1/2013 2:37:11 PM): traded in 2 lots
kailash123p@yahoo.co.in (2/1/2013 2:38:18 PM): gr8
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