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Harmonic Analysis of NIFTY INDIA

Bearish Crab on nifty may 11

Potential Bearish Crab pattern has appeared on weekly chart of NIFTY which completes at 2.24% Fibonacci extension of Leg BC at 6762. If wave CD extends then this rally may remain continue to 3.618 Fibonacci extension of Leg BC which is around 7988. Overall picture is still bullish as per this harmonic analysis and areas of 6111.80 and 6360 are very stiff hurdles for NIFTY. In near term stability above 6111.80 would confirm an attempt to 6300-6350 zones. Sustained rebound above 6360 would confirm a primary rally towards first expected reversal level to 6762 or in case of extension of this rally then next bearish reversal point on broader picture would be 7988. Areas of 5477 has become very strong support on longer term picture which are supported by horizontal support and rising trend line any failure of these levels may hurt our longer term bullish outlook on NIFTY and then corrective rally may take it to 4500 zones.

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