Nifty must break 5815

Nifty must break Oct'12 peak of 5815 for further weakness. On 18th Dec also it took support from this level and jumped back. 1st support at 5840, then 5815.

SAR Hit

Sar is hit again. Market in sell mode. MACD gave sell signal 3 days back. 

Nifty again below 10 ema

Nifty closed below 10 ema, 5 ema. Macd, Stockastics have given sell signal.
BankNifty has not broken yet. It closed above 5 & 10 ema.
In individual stocks Infy, TCS & Bharti continue to fall. Hindalco, Rcom, TataMotor are showing strength. Tatamotor has already given a breakout.
Nifty needs to break 5830-40 range for further weakness.

Fibo Target

Likely targets for this rise are
38.2% =  5805
50%    =  5756
61.8%  = 5707

RPower above 110 has targets of 119,139.

A closing above 110 can take it to 119(100%) & 139 (161.8%).

TataMotors on verge of breakout

A breakout from this range may take it above recent peak of 320.

Hindalco at Resistance Zone

Price at 200Dema.  Upmoves resisted earlier at 124-130. Upmove will be confirmed only above 130.

RCOM Chart

Rcom is above its 200Dema. It has given a closing above long term trendline.
A buy signal with a stoploss at 200Dema.

Likely Targets

Move from 4770 to 5815 = 1045 Points
38.6% of 1045 = 403 +5548 = 5951  (1st Target) (Coincides with Apr'12 High "POINT A")
50.0% of 1045 = 522 + 5548= 6070 (2nd Target) (Coincides with "POINT B")
61.8% of 1045 = 645+ 5548= 6193  (3rd Target) (Coincides with "POINT C")
Point A coincides with 78.6% of fall from 6348 to 4532. So point A is likely to be a major resistance.