Technical Analysis,Researches & Market Outlook(9-12-2011)
Fibonacci Retracement Levels in Nifty-EOD Chart(08-Dec-2011):-
Technical Patterns and Formations in EOD charts
1- 8 sessions Pull Back rally.
2- Rally completion near 61.8% retracement level
3- correction of rally is on.
Conclusions
Down moves started from 5400 on 28-10-2011 which stopped and reversed at 4640. Main Fibonacci Retracement upward Levels of this down move are as follows:-
23.6%- 4819
38.2%- 4930
50.0%- 5020
61.8%- 5109
76.4%- 5220
Short term up moves begun from 4640 which halted near 61.8% retracement levels at 5099 and its correction commenced. Main Fibonacci Retracement upward Levels of thort term up moves are as follows:-
23.6%- 4990
38.2%- 4923
50.0%- 4869
61.8%- 4815
76.4%- 4748
Nifty closed at 4944 after forming low at 4922 on 8-12-2011. Next supports within Pull Back Rally(4640-5099) are as folllows:-
1- 4920-4950
2- 4755-4800
3- 4645-4720
Nifty-Micro Analysis of Intra Day Chart For 09-12-2011
Nifty-Intra Day Chart(08-dec-2011):-
Technical Patterns and Formations in today intraday charts
1- Two hours straight fall immediately after opening.
2- Last more than 4 hours sideways trading between 4928-4980 with intraday selling patterns
3- Whole day trading between 4922-5049
Conclusions from intra day chart analysis
As selling patterns were concluded from intraday charts analysis therefore following lines were updated in Pre-Closing Outlook today and being repeated as conclusion from today intraday charts analysis:-
"last 4 hours sideways trading between 4928-4980 with intraday selling patterns therefore more down moves possibilities turned higher after breaking down of that support range in which Nifty is trading(4920-4950)"
Conclusions (After Putting All Studies Together)
Correction is on and more down moves are expected after more than 4 hours intraday selling patterns today within above mentioned 1st support range. Complete consolidation patterns are required for stopping and reversal of today started down moves. Let on going correction stop and consolidation start then fresh up moves will be considered and for this purpose following level and support range will be firstly watched:-
1- 61.8% retracement level- 4815.
2- Next support range- 4755-4800
Fibonacci Retracement Levels in Nifty-EOD Chart(08-Dec-2011):-
 |
| Just click on chart for its enlarged view |
1- 8 sessions Pull Back rally.
2- Rally completion near 61.8% retracement level
3- correction of rally is on.
Conclusions
Down moves started from 5400 on 28-10-2011 which stopped and reversed at 4640. Main Fibonacci Retracement upward Levels of this down move are as follows:-
23.6%- 4819
38.2%- 4930
50.0%- 5020
61.8%- 5109
76.4%- 5220
Short term up moves begun from 4640 which halted near 61.8% retracement levels at 5099 and its correction commenced. Main Fibonacci Retracement upward Levels of thort term up moves are as follows:-
23.6%- 4990
38.2%- 4923
50.0%- 4869
61.8%- 4815
76.4%- 4748
Nifty closed at 4944 after forming low at 4922 on 8-12-2011. Next supports within Pull Back Rally(4640-5099) are as folllows:-
1- 4920-4950
2- 4755-4800
3- 4645-4720
Nifty-Micro Analysis of Intra Day Chart For 09-12-2011
Nifty-Intra Day Chart(08-dec-2011):-
 |
| Just click on chart for its enlarged view |
1- Two hours straight fall immediately after opening.
2- Last more than 4 hours sideways trading between 4928-4980 with intraday selling patterns
3- Whole day trading between 4922-5049
Conclusions from intra day chart analysis
As selling patterns were concluded from intraday charts analysis therefore following lines were updated in Pre-Closing Outlook today and being repeated as conclusion from today intraday charts analysis:-
"last 4 hours sideways trading between 4928-4980 with intraday selling patterns therefore more down moves possibilities turned higher after breaking down of that support range in which Nifty is trading(4920-4950)"
Conclusions (After Putting All Studies Together)
Correction is on and more down moves are expected after more than 4 hours intraday selling patterns today within above mentioned 1st support range. Complete consolidation patterns are required for stopping and reversal of today started down moves. Let on going correction stop and consolidation start then fresh up moves will be considered and for this purpose following level and support range will be firstly watched:-
1- 61.8% retracement level- 4815.
2- Next support range- 4755-4800