Technical Analysis and Research For 30-11-2011
Nifty-EOD Chart(29-Nov-2011):-
Technical Patterns and Formations in EOD charts
1- 55+8+2=65 Sessions range bound trading between 4720-5229
2- 55 Sessions range broken out and retracement within range
3- 55+8=63 Sessions range broken bown and retracement within range
4- Previous 2 sessions trading
5- Trend reversal Broadening Pattern in last 4 months.
Conclusions
Nifty traded between 4720-5229 in previous 65 sessions and reversed into this range 2 times after its broken out and broken down. Almost 13 Months correction and finally previous 4 months range bound markets. As trend reversal Broadening Pattern formations at the bottom of correction therefore expected that much deeper correction will not be seen and any up moves from any point will finally prove impulsive Wave-5 toward all time high above 6357.10(on 08-01-2008).
Rally started on 24-11-2011 from 4639.10 and its short term cooection seen yesterday. Although Indian markets closed almost 1% down yesterday but intraday charts of yesterday are showing consolidation patterns therefore firstly continuation of rally is expected within 65 Sessions range(4720-5229).
Just click following link for intraday chart analysis of 29-11-2011
Nifty-Micro Analysis of Intra Day Chart For 30-11-2011
Nifty-EOD Chart(29-Nov-2011):-
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| Just click on chart for its enlarged view |
1- 55+8+2=65 Sessions range bound trading between 4720-5229
2- 55 Sessions range broken out and retracement within range
3- 55+8=63 Sessions range broken bown and retracement within range
4- Previous 2 sessions trading
5- Trend reversal Broadening Pattern in last 4 months.
Conclusions
Nifty traded between 4720-5229 in previous 65 sessions and reversed into this range 2 times after its broken out and broken down. Almost 13 Months correction and finally previous 4 months range bound markets. As trend reversal Broadening Pattern formations at the bottom of correction therefore expected that much deeper correction will not be seen and any up moves from any point will finally prove impulsive Wave-5 toward all time high above 6357.10(on 08-01-2008).
Rally started on 24-11-2011 from 4639.10 and its short term cooection seen yesterday. Although Indian markets closed almost 1% down yesterday but intraday charts of yesterday are showing consolidation patterns therefore firstly continuation of rally is expected within 65 Sessions range(4720-5229).
Just click following link for intraday chart analysis of 29-11-2011
Nifty-Micro Analysis of Intra Day Chart For 30-11-2011