NIFTY WEEKLY:22-26 OCT 2012

NIFTY:There is no change in the view, what i posted last week . The correction from 5815 in NIFTY is a-b-c correction of 4th of C ,The minimum correction of NIFTY is 5615 i.e. (0.618* a) or ideally  it can do 5547(c=a). Though i guessed that we r going to bottom out last week but i m wrong ,If NIFTY close below 5620 than only we can expect 5540 ,other wise the correction can over at 5615(minimum correction) also
This is expiry week so try to trade in the range of 5620-5720 break out on either side on closing basis will decide further direction, i m expecting expiry around 5650 +/- 20.and weekly range is 5540-5720.NASDAQ 100 had achieved its H&S target .

R.K.