Nifty reached my Pit stop of 7909!

Finally Nifty has showed path to my destination 8265 by achieving my first tgt of 7909 which was even 50 WSMA resistance.  Though indicators on daily charts are on overbought zone but they have given Bullish Crossover internally to signal short term positive momentum. Todays move would be further fueled with CPI and IIP announced today. Markets have been also in confidence because of good earnings posted by front line stocks. Technically, as per Elliot wave calculations 8055 should be minimum we to be achieved in this expiry. Weekly chart indicators are showing good momentum for the upside and its trading above downward sloping channel of last one year. To summarize, Nifty is currently “King of Good times”. Strategy would now raise SL to 7780 from 7690 and target remains same at 8055



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