The Start of the Correction ? Nifty Hourly 05-03-15

Hi,

So Nifty remained volatile today where it went down but managed to close in the positive forming a doji. The wave count has been altered since we have seen 5 waves down which is probably the start of the new correction which could unfold in the couple of weeks. The week ended with a doji formation on the weekly chart so next week would confirm whether we are in the correction or the Nifty will form a new high.I might do a weekly analysis of Nifty and Bank Nifty. If so will post here.

Nifty

Buy Above – 8950

Resistance – 8965,8985,9000

Support – 8864,8855,8788

Sell Below – 8910 (pivot)

Short Term Trend – DOWN

Trend Target – 8735,8651,8600

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