Prasad_Pimparkar

Nifty Long for a tgt 12,000

Long
NSE:NIFTY   Nifty 50 Index
Index on friday, tested twice, its Fibonnacci 38.2% (11,740) of the 1st impulse wave, also the lower quartile of Mod. S pitchfork intersects the said Fibb level at 11,740 on monday. which can act as a strong support point. better than expected Q4 results of Index Heavyweight HDFC , could further act as a catalyst for the uptrend. Impact of RIL's result (lower than expected petchem & refinery results) will be one to be watched carefullly. overall nifty seems to be ready for a next impulse wave.
If index breaches 11,740, next support would be at 11,700.

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