Weekly Outlook(Dec 05 to Dec 09,2011)
Technical Analysis and Research of EOD,weekly and Monthly charts,Micro Analysis of Nifty Intra Day Chart,Technical Positions,next possibilities have already been explained in following topics with 5 Charts therefore not being repeated. Just click following topic links and go through detailed analysis for trading in nexr week:-
1- New Historical Highs in 2012
2- Positive MACD and Continuation of impulsive Wave-5
3- Rally is on after Trend Reversal Broadening Pattern Support
4- Nifty-20 days Intra Days Chart Micro Analysis(Nov 14 to Dec 02,2011)
5- Nifty-Micro Analysis of Intra Day Chart For 05-12-2011
Conclusions (After Putting All Studies Together)
Following question has been replied in above mentioned topics:-
Why Previous week begun rally have given birth to that rally which may form new highs in Indian markets?
Next resistances between 5000-5400 are as follows:-
1- 5000-5060
2- 5130-5225
3- 5260-5310
4- 5340-5365
Nifty closed above 55 Day SMA and at the higher levels of above mentioned 1st resistance,sustaining above these two levels will be confirmation of intermediate term up trend and in that situation 3 weeks to 3 months up moves will be expected.
Weekly indicators have started to move up but not overbought therefore telling for more up moves but some daily indicators are entering into overbought area therefore showing possibility of minor correction therefore minor intraday or daily correction may be seen before a stong rally. Following 2 characteristics of Bull markets should also be kept in mind;-
1- Markets correction at higher levels or within range bound mode and does not slips too much.
2- Indicators remain in overbought zone for months also.
Intraday indicators have shown divergence in overbought zone last Friday therefore minor correction is possible in the beginning of week but rally is on. Until complete selling patterns will not be seen minimum in Daily charts till then any reversal or deeper correction will not be considered. As no such pattern seen yet therefore continuation of rally expected after minor correction.
1- New Historical Highs in 2012
2- Positive MACD and Continuation of impulsive Wave-5
3- Rally is on after Trend Reversal Broadening Pattern Support
4- Nifty-20 days Intra Days Chart Micro Analysis(Nov 14 to Dec 02,2011)
5- Nifty-Micro Analysis of Intra Day Chart For 05-12-2011
Conclusions (After Putting All Studies Together)
Following question has been replied in above mentioned topics:-
Why Previous week begun rally have given birth to that rally which may form new highs in Indian markets?
Next resistances between 5000-5400 are as follows:-
1- 5000-5060
2- 5130-5225
3- 5260-5310
4- 5340-5365
Nifty closed above 55 Day SMA and at the higher levels of above mentioned 1st resistance,sustaining above these two levels will be confirmation of intermediate term up trend and in that situation 3 weeks to 3 months up moves will be expected.
Weekly indicators have started to move up but not overbought therefore telling for more up moves but some daily indicators are entering into overbought area therefore showing possibility of minor correction therefore minor intraday or daily correction may be seen before a stong rally. Following 2 characteristics of Bull markets should also be kept in mind;-
1- Markets correction at higher levels or within range bound mode and does not slips too much.
2- Indicators remain in overbought zone for months also.
Intraday indicators have shown divergence in overbought zone last Friday therefore minor correction is possible in the beginning of week but rally is on. Until complete selling patterns will not be seen minimum in Daily charts till then any reversal or deeper correction will not be considered. As no such pattern seen yet therefore continuation of rally expected after minor correction.