Technical Analysis,Research & Weekly Outlook
(Aug 06 to Aug 10,2012)
Nifty-EOD Chart (03-Aug-2012):-
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Conclusions from EOD chart analysis
Impulsive Wave-3 continuation after correction completion on 04-06-2012 in the form of Sub Wave-1 which completed at 5348.55 on 10-07-2012 and its correction begun in the form of Sub Wave-2.
Nifty moved below Long Trem Trend decider both 200-Day EMA and 200-Day SMA in correction and got support at 5032.40 on 26-07-2012 but its confirmation was required through sustaining above next immediate resistance between 5200-5250.
As Nifty traded most time between 5200-5250 with lower levels intraday consolidation patterns formations therefore we told many times for final sustaining above 5250 and its live proofs are available in all previous week Outlooks:-
When US and European markets were trading in deep Red then also we were not Bearish amd told following lines at 07:27:00 PM on 02-08-2012:-
Although US and European markets are in deep Red at this moment but lower levels intraday support seen today therefore sustaining above 5250 possibilities are still alive.
We always projected for rally continuation after sustaining above 5250 and it will be seen today after gap up opening above 5250 and finally sustaining it above. Expected that rally will remain continued above Sub Wave-1 top at 5348.55 in the coming week.