Wave-3(bullish) is still on even after on going deeper correction. Following levels are key supports of wave-3 and Nifty is testing it:-
1- 4693- Top of wave-1 and Nifty should not move below it in corrections.
2- 4672- 200-day DMA- markets are used to test it in corrections
3- 4766- Nifty consolidated on Nov 6 above it and wave 3 corrections trend line is passing from this point as well as Nifty got support here on 29th jan 2010
Nifty is falling in channel and its upward break out will give first upward confirmation and sustaining above 4951 will mean strong up moves.
IIP numbers will be declared today and I don't know how these will be? Whatsoever may be IIP numbers but as per my view Indian markets will move after that. Asian markets are positive today and SGX Nifty is trading with good gains today AND Indian market will close in Green after positive opening and whole day Green trading. I am telling it not only today after watching Asian markets and SGX Hifty but I told these lines in Future outlook of yesteraday Post closing report also:-"my view is bullish for Indian markets and expecting that Indian markets will cross 4830 in the coming sessions and rally will remain continued"
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