Nifty Technical for June 2, 2014

 

Nifty is strugling to get past 7225,  as per wave theory if this is trend reversal then Nifty should close below 7200 as second wave from 7240 till 7210 should not be the shortest one. Hence last leg should be shorter than 30 points in down side.

If this is simple correction then new up rise should get past Nifty above 7260 today. Close above 7250 is required for Modi wave to continue upmove and for bulls survival closing above 7200 is mandatory.