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This is an archive article published on November 24, 2011

Tech patterns see relief rally for Nifty

The NSE Nifty may see a relief rally till 4900 levels,indicates Elliot Wave analysis.

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The 50-stock National Stock Exchange NSE Nifty may see a relief rally till 4900 levels based on channel and Elliot Wave patterns,said technical analysts and two institutional dealers.

Elliot Wave refers to a technical analysis technique published by Ralph Elliott,which claims that stock markets follow a pattern of five waves up and three waves down,and three up and five down in a bear market.

What we saw from 5,300 to 4,640 is a wave 3,now wave 4 will be the relief rally till 4,905-4,985,said Jai Bala,technical analyst at cashthechaos.com.

On Wednesday,Indian shares ended 2.3 percent down after touching their lowest in two years,as domestic concerns over high inflation,slowing growth and a faltering rupee continued to sap investor confidence.

At 9:55 a.m,the Nifty was down 0.73 percent at 4,671 level.

 

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