Technical Analysis,Research and Weekly Outlook(Nov 28 to Dec 02,2011)
Waves Structure in Nifty-EOD Chart (25-Nov-2011):-
Technical Patterns and Formations in EOD charts
1- Corrective Wave-4 is continued
2- Falling Channel Correction
Trend reversal broadening pattern in Nifty-EOD Chart(25-Nov-2011):-
Technical Patterns and Formations in EOD charts
1- Falling Trendline
2- Trend reversal broadening pattern at the bottom.
Nifty-Intra Day Chart(Nov 21 to Nov 25,2011):-
Technical Patterns and Formations in last 5 sessions intraday charts
1- Selling between 4820-4870
2- Selling between 4745-4767
3- Support between 4644-4678
Nifty-Intra Day Chart(25-dec-2011):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 4696-4720
2- Selling between 4745-4767
3- Whole day trading between 4694-4767
Conclusions from intra day chart analysis
Mixed intraday patterns today. As soon as consolidation emerged thwn it was told within 1st hour in Post-open Outlook before the commencement of intraday up moves and when selling developed then it was also updated befote the beginning of down moves within 3 hours in Mid-session Outlook.
Sharp down moves seen after 1:45 PM but intraday consolidation patterns also seen within 4696-4715 in last one hour. As intraday support at lower levels seen in the beginning and at the closure of market therefore sustaining beyond 4696-4720 should be firstly watched next Monday for next moves commencement confirmations.
Conclusions (After Putting All Indicators Together)
All the trends are down and more than one year old corrective Wave-4 is on. Following patterns in EOD Charts are suggesting that finally impulsive Wave-5 will begin after completion of Wave-4 correction:-
1- Falling Channel pattern in Wave-4 correction and Nifty is trading near the lower levels of channel therefore expected that Nifty will get support near the lower falling line of channel and that rally may start which may give Wave-5 confirmation after crossing of higher levels resistances.
2- Trend reversal "broadening pattern" formation at the bottom of correction therefore trend reversal and finally impulsive Wave-5 is expected.
As buying at lower level between 4644-4678 and selling at higher levels between 4820-4870 seen in last 5 sessions therefore firstly Indian markets have to prepare for next decisive moves in the beginning of coming weak. Trend reversal broadening pattern formation at the bottom and lower levels supports also in previous week therefore expected that Indian markets will consolidate and finally cross higher levels resistances in the coming week.
Pull Back Rally has begun in previous week and will remain continued in the coming week.
Waves Structure in Nifty-EOD Chart (25-Nov-2011):-
 |
| Just click on chart for its enlarged view |
1- Corrective Wave-4 is continued
2- Falling Channel Correction
Trend reversal broadening pattern in Nifty-EOD Chart(25-Nov-2011):-
 |
| Just click on chart for its enlarged view |
1- Falling Trendline
2- Trend reversal broadening pattern at the bottom.
Nifty-Intra Day Chart(Nov 21 to Nov 25,2011):-
 |
| Just click on chart for its enlarged view |
1- Selling between 4820-4870
2- Selling between 4745-4767
3- Support between 4644-4678
Nifty-Intra Day Chart(25-dec-2011):-
 |
| Just click on chart for its enlarged view |
1- Consolidation between 4696-4720
2- Selling between 4745-4767
3- Whole day trading between 4694-4767
Conclusions from intra day chart analysis
Mixed intraday patterns today. As soon as consolidation emerged thwn it was told within 1st hour in Post-open Outlook before the commencement of intraday up moves and when selling developed then it was also updated befote the beginning of down moves within 3 hours in Mid-session Outlook.
Sharp down moves seen after 1:45 PM but intraday consolidation patterns also seen within 4696-4715 in last one hour. As intraday support at lower levels seen in the beginning and at the closure of market therefore sustaining beyond 4696-4720 should be firstly watched next Monday for next moves commencement confirmations.
Conclusions (After Putting All Indicators Together)
All the trends are down and more than one year old corrective Wave-4 is on. Following patterns in EOD Charts are suggesting that finally impulsive Wave-5 will begin after completion of Wave-4 correction:-
1- Falling Channel pattern in Wave-4 correction and Nifty is trading near the lower levels of channel therefore expected that Nifty will get support near the lower falling line of channel and that rally may start which may give Wave-5 confirmation after crossing of higher levels resistances.
2- Trend reversal "broadening pattern" formation at the bottom of correction therefore trend reversal and finally impulsive Wave-5 is expected.
As buying at lower level between 4644-4678 and selling at higher levels between 4820-4870 seen in last 5 sessions therefore firstly Indian markets have to prepare for next decisive moves in the beginning of coming weak. Trend reversal broadening pattern formation at the bottom and lower levels supports also in previous week therefore expected that Indian markets will consolidate and finally cross higher levels resistances in the coming week.
Pull Back Rally has begun in previous week and will remain continued in the coming week.