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.

Wipro

This one has three patterns that I noticed:

1. Bearish Bat
2. A wolfe wave - not much downside though
3. A bullish wolfewave - Target of 465

Short at CMP 414.75 - SL @ 422 (at your own risk appetite - on closing basis)

Target 360

Alternatively - We may see an upside with a close above 425 for 463

If you are unsure - dont trade this.

Wipro - Lot 500 - Margin 39000

Many gaps in Wipro - You can trade this channel.

It could be a potential WW as well - A very good bet!

Stop Loss 427 - 425  - Buy below CMP and at CMP for 465/470 / 500