Technical Analysis,Research and Weekly Outlook For Nov 08 to Nov 11,2011
Nifty-Weekly Chart(04-Nov-2011):-
Technical Patterns and Formations in Weekly charts
1- Wave-3 completed and Wave-4 begun on 05-11-2010 from 6338.
2- Last one year corrective Wave-4 in Falling Channel.
3- Wave-4 completed and Wave-5 started on 26-08-2011 from 4720
4- Wave-5 is in Progress.
Nifty-EOD Chart(04-Nov-2011):-
Technical Patterns and Formations in EOD charts
1- Falling Trendline
2- Market retraced 4 times earlier sfter getting resistance from this Trend line.
3- Break out of 54 Sessions range bound market
4- 16 Days Rally and tested Falling Trendline
5- Fresh up moves are on after 3 Days correction
Conclusions
Correction in falling channel and after that 54 sessions range bound market between 4720-5229 was seen after 94 Points gap down on 05-08-2011. Break out of this range bound market was seen in 16 sessions previous month rally but immediately after that 3 days correction of this rally was seen.
Next Supports of this rally are as follows:-
1- 5257-5277
2- 5203-5224
Next Resistances of this rally are as follows:-
1- 5310-5324
2- 5318-5365
Most uncertain news flow from Euro zone and highly volatile markets. Rally started on 07-10-2011 and after 16 days its correction was seen in previous week. As up moves were seen in previous two sessions after getting supports at above mentioned therefore strong indications of Correction completion and high possibility of rally in the coming week.
Nifty got 4 times resistance at falling trend line and also again faced resistance here in previuos week but it was due to confusing news from Greece. Strong indications of correction completion and if any big adverse news does not comes up from Europe then firstly consolidation at higher levels and after that continuation of rally above 5400 will be seen in the coming week/weeks.
Nifty-Weekly Chart(04-Nov-2011):-
 |
| Just click on chart for its enlarged view |
1- Wave-3 completed and Wave-4 begun on 05-11-2010 from 6338.
2- Last one year corrective Wave-4 in Falling Channel.
3- Wave-4 completed and Wave-5 started on 26-08-2011 from 4720
4- Wave-5 is in Progress.
Nifty-EOD Chart(04-Nov-2011):-
 |
| Just click on chart for its enlarged view |
1- Falling Trendline
2- Market retraced 4 times earlier sfter getting resistance from this Trend line.
3- Break out of 54 Sessions range bound market
4- 16 Days Rally and tested Falling Trendline
5- Fresh up moves are on after 3 Days correction
Conclusions
Correction in falling channel and after that 54 sessions range bound market between 4720-5229 was seen after 94 Points gap down on 05-08-2011. Break out of this range bound market was seen in 16 sessions previous month rally but immediately after that 3 days correction of this rally was seen.
Next Supports of this rally are as follows:-
1- 5257-5277
2- 5203-5224
Next Resistances of this rally are as follows:-
1- 5310-5324
2- 5318-5365
Most uncertain news flow from Euro zone and highly volatile markets. Rally started on 07-10-2011 and after 16 days its correction was seen in previous week. As up moves were seen in previous two sessions after getting supports at above mentioned therefore strong indications of Correction completion and high possibility of rally in the coming week.
Nifty got 4 times resistance at falling trend line and also again faced resistance here in previuos week but it was due to confusing news from Greece. Strong indications of correction completion and if any big adverse news does not comes up from Europe then firstly consolidation at higher levels and after that continuation of rally above 5400 will be seen in the coming week/weeks.