Dow Jones, Nifty & Bank Nifty

Take a look at the Dow Jones chart. Multiple resistances around 12550 area.

I would suggest going short at 12500-12550 - SL 12650 - Above this SL DJI can head to 13000 odd levels - Target 10500 or lower

12500 co-incides with an 88% retracement (since this looks like an ABC structure) or an X wave which can retrace 88% at MAX.

Stochastics are overbought currently and this could be an excellent short.

Nifty

Seems more like a gartley formation with targets at 4860 or so. A correction (deep or shallow likely at these levels) which could stall at 4650 levels. Beyond 4950 - Nifty should head to test 5300.

Bank Nifty

Similar to Nifty could potentially head to 9500 if this WW holds good. Alternatively around 8600-8700 would be a place to watch out for any signs of reversal

CNXIT looks rather strong as well which could take it up to 7500. We had a breakout today and we need to watch for follow up action to see if previous resistances can be taken out.

Infy has a similar setup and so does Wipro - Id go long on these with targets of 3300 for Infy and 480-490 on Wipro.

Nifty, Bank Nifty and CNXIT

I'm posting what I may feel is the roadmap for Nifty - I expect 4300 or so shortly if we dont sustain above 4300 then we may head to 3900 / 3700

4300 can come by Feb end or earlier and we may then head up to 5600

In the case of Bank Nifty - things look worse. I expect a 7800 hit first and then move back up to 10000 or so and then collapse to 7200 / 6500

CNXIT on the other hand can make it to 7400

A close below 6000 can give it support at 5800 - below 5700 the index will crack . One can actually enter a short here with a SL @ 6379 on closing basis and build shorts below 5700

CNXIT

Short CNXIT for targets of 5300

Nifty, Bank Nifty & CNXIT

Nifty & Bank nifty are forming gartleys with targets of 6050 - 6175 (SL 5480) on Nifty and 12350 - 12650 on Bank Nifty (SL 10900)

CNXIT headed to 6700 / 7000 - Gap to be filled at 6570 T1

Nifty / Bank Nifty & CNXIT - Update

I'm charting out an anticipated move in all three indicies.

We may drop to 5550-5000 in Nifty or Head up from here to 5670-80 (at which point we go short again) for 5300 by expiry / 5250.

Eitherway we short @ 5670-80..

We need to cover a GAP around that 5670 area.

In Bank Nifty we may head to 11300 or fall to 11000 and then head up back to 11300/11350 then reverse again. I've marked out these levels on the charts. Most likly we will head towards 10500 by Expirty

CNXIT has a gap at 6700 it can fall to 6500 and then head up back to 6700 where you can go short again. Target by Expiry 6300

CNXIT - Lot 50 - Margin - 32000

SHORT CNXIT @ 6800 in a day or 2 or where the RED line is

CNXIT - Lot 50 - Margin - 35000

One can go short on CNXIT - I dont see any further upside potential (NO SL)