Update on Nifty Future

Though the day's opening was bullish for Nifty Future but it has already made an unusual high (7872.65) hence trading may remain range bound for the day.

Update on Nifty Future

For today if Nifty can sustain above 7811 some good rally may materialize.

Nifty Spot EOD 16th Oct, 2014

The confirmation of the 2nd leg (as an extracting triangle) of 2nd corrective completion was given by the market yesterday. Which is doing an a-b-c ZZ since then. In which the b-leg was an contracting triangle.
Now the contracting triangle may have either completed yesterday at 7893.9 or 7867.6. Now the pattern implication suggests the following targets or completion of the a-b-c at any one of the following levels : 

If completed at 7893.9
Target1 - 7732.5 (Done Yesterday)
Target2 - 7678.75

Target3 - 7624.95

If completed at 7867.6
Target1 - 7706.25
Target2 - 7652.45

Target3 - 7598.65
Watch out for yesterday's low or 7706.25 holding for postional longs for a good bounce.

Nifty Future Data Levels for 17th Oct, 2014

Nifty Future (Bias - Negative)
WEAK below 7749 and STRONG above 7780. 7811 is Day Shocker.  Day SAR is at 7961.  7890 (Sustaining Above)/ EOD close Above is First S/L for Shorts.
-- 7745 - 7779-7789 - 7811 - 7835 - 7847 ++ 
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Banknifty Future (Bias - negative)
WEAK below 15516 and STRONG above 15577. 15716 is Day Shocker. Day SAR is at 15707.  15628 (Sustaining Above)/ EOD close Above is First S/L for Shorts.
--  15281 - 15377 - 15528 - 15576 - 15689 - 15716 - 15751 ++