In this post, we shall take a look at India’s Nifty Index and consider what clues Elliott Wave Analysis offers investors and traders.The stock markets in India have been on the defensive over the last several weeks. In my last update of 4 March 2012, (Looks like Indian stock market rally is fading: NSE India) I had outlined a broad road map of what to expect. If you have read my book, or been a regular reader of this blog, you would know that my approach to using Elliott Waves is different from the conventional one. We should not look for absolutes in the market becuase by its very nature, the market is a reflection of millions of traders who make their private decisions. Hence, even from a crowd-behavior point of view we can only get a broad handle of what is more likley to happen ( I dont even say ‘most likely’). Yet, we often seem to come up with some amazingly accurate calls. Let that not fool you into thinking that Ramki, or for that matter any other ‘guru’ can tell you before hand where you should buy or sell to make an assured profit (and since I don’t consider myself a guru, it is all the more reason you should only view my comments as a learning experience!) Well, I seem to be digressing today, perhaps because this is my last post before a month-long holiday. So let’s quickly get to the point. My target for the Nifty is 4355. This view will get more credibility if we now recover to 5290/95 (which is by no means certain) and then come off to trade below 4950.
Thats it folks. No Charts, no fuss. Best of luck to all of you.
Ramki Ramakrishnan