Technical Analysis and Research For
04-01-2012Just click following links to understand detalied technical analysis of Indian markets:-
1- Last Over of the Bull/Bear Match in 1st Week of 2012
2- 9 Laxman Rekha(Crucial Levels) for Bullish Indian Markets
Nifty-EOD Chart(03-Jan-2011):-
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| Just click on chart for its enlarged view |
1- Long Bullish Candle on 03-01-2012
2- Closing above 4693(Top of Wave 1) on 03-01-2012
3- Closing above 4720(Bottom of 98 sessions sideways market) on 03-01-2012
4- Higher bottom formation on 03-01-2012.
5- 13 Months Trend Reversal Broadening pattern is intact.
6- Falling Trend line resistance within Broadening pattern.
7- 4 Major resistances within Broadening pattern.
Technical positions within Broadening pattern:-
Higher bottom formation with strong support and base formation within 4560-4625 and 8 resistances at higher levels after yesterday rally are as follows:-
1- 4780-4838
2- 4880-4905
3- 4950-4980
4- 5070-5098
5- 5130-5225
6- 5260-5310
7- 5240-5265
8- 5340-5375
Conclusions from EOD chart analysis
Symptoms of strong recovery seen in 13 months bed ridden that patient which has again reshifted to General ward from ICU yesterday. As following 3 positive structures again reemerged yesterday therefore possibilities of patient running on Bull has turned alive after entry of Bull through breaking following 4 gates;-
1- 38 Months Waves structure has been saved above 4693 therefore Impulsive Wave 5 formation hopes are still alive to form new highs in Indian markets.
2- Nifty forcefully crossed 4720(Bottom of 98 sessions sideways market) therefore blasting up moves possibilities above top of sideways market is also alive.
3- 13 Months Trend Reversal Broadening pattern is intact and up moves begun within it therefore reversing possibility of 13 months down trend is alive.
4- Higher bottom formation confirmations.
As strong base formation within 4560-4625 therefore until Nifty will not sustain below 4560 till then any more down move not be considered. As multiple resistances at higher levels therefore fresh consolidation is required at each step for any upmove but trend reversal pattern formation therefore expected that finally Nifty will cross all the above mentioned resistances and strong rally will be seen.
sentiment is heated after yesterday strong rally therefore volatility may be seen after minor profit booking but continuation of yesterday begun rally is expected in the coming sessions.