Weekend Post

Nifty Spot

Nifty Spot doesn't look like taking any  good correction / pause before 5850-5900, though it is quite Overbought at this juncture, it may just do some small price correction and large time correction and move on. However strong resistances will be there from 5720 onwards, let us see how Nifty deals with it.   The chart however gives a feeling of first leg of C-Wave inside diametric-E is somewhat like a terminal 5 wave structure, caution towards coming weekend is needed for some good profit booking.  5550-5600 may act as strong support for Nifty



Banknifty Spot

Banknifty is likely to pause around 10300-600 /800 region prior to it's September policy and may correct a bit as well from there. 9600-9800 may strongly support Bank Nifty


However for both of them it need to be seen how they deal with the current overbought situation.


Sensex

BSE Sensex is immediately targeting 19600-900 zone next week 18800-19000 may strongly support Sensex