Nifty- All Waves overlap from 8968- Trouble Ahead

Nifty has fallen in an overlapping fashion since highs@8968- likely this is the fifth leg & almost looks like a leading diagonal from highs@8968.

These waves once done close to 8540-8550 or slightly below to the zone 8480-8490 - we shall look for a substantial bounce may be very close to 8900 zone where it retraces almost 80-90% of the complete fall & will easily turn all bears into bulls, but be careful if Nifty fails to go beyond 8968 highs that will be the clue that the market is in trouble & likely we should look at IT stocks where CNXIT has been on the turn around phase.

Coming 6-9 months its the IT Fair

Go & pick your IT stocks to play in the market.

Regards,
Abhishek H. Singh, CMT