As mentioned yesterday, I have decided to re-anchor the grid to commence from the low of 13th July 09. That immediately gives us a clue on the possible strength and extent of the current up move (which should at this point be considered a counter-trend rally). Since NIFTY has punched through the 90° level on the So9 grid, a further push to the red diagonal line or even up to the 180° level is a distinct possibility. The target at the highlighted spot on the red diagonal would be approx 4267 while the target at the 180° level would be 4324.
Projected High: 4,212.45 (34.20 points)
Projected Low: 4,148.50 (29.75 points)
Bullish above 4,198
Bearish below 4,158
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