Technical Analysis,Research & Weekly Outlook
(Oct 29 to Nov 02,2012)
Nifty-EOD Chart (26-Oct-2012):-
Technical Patterns and Formations in EOD charts
1- 4770.35 on 04-06-2012(Wave-2 completion and Wave-3 beginning)
2- 5348.55 on 10-07-2012(Sub Wave-1 of Wave-3)
3- 5032.40 on 26-07-2012(Sub Wave-2 of Wave-3)
4- 5448.40 on 23-08-2012(Sub Wave-3 of Wave-3)
5- 5215.70 on 05-09-2012(Sub Wave-4 of Wave-3)
6- Sub Wave-5 of Wave-3 completion at 5815.35 on 05-10-2012
7- 14 Sessions sideways correction between 5639-5733.
8- 23 Sessions most time trading between 5639-5733.
9- Previous 3 corrective weeks.
10- Previous 2 weeks Doji Candle formation.
11- 23 Sessions sideways market between 5639-5756.
Conclusions from EOD chart analysis
Sub Wave-5 of Wave-3 completed at 5815.35 on 05-10-2012 and after that its correction begun in sideways trading mode. 14 Sessions correction between 5639-5733 and also last 23 sessions trading within this range.
As technical positions of last 14 sideways sessions has to be understood for deciding length of correction and next trend after completion of correction therefore Micro-Analysis of corrective 14 sessions intraday Charts of Nifty is as follows:-
Technical Patterns and Formations in last 14 Sessions intraday charts
1- 14 Corrective sessions resistance at 5733.
2- Selling between 5700-5733.
3- 14 Corrective sessions support at 5639.
4- Buying between 5639-5675.
5- 14 Previous sessions sideways trading 5639-5733.
14 Sessions sideways corrcetion between 5639-5733 after Sub Wave-5 of Wave-3 completion with higher levels good selling between 5700-5733 and equally good buying also at lower levels between 5639-5675.
23 sessions sideways trading between 5639-5733 and finally sustaining beyond this range will decide next big following trends:-
1- Above 5733 will mean high possibility Nifty above 6000.
2- Below 5639 will mean firstly deeper correction of previous Sub Wave-5 rally of 600 Nifty points. As Wave-3 correction after completion of Sub Wave-5 therefore 'ABC' correction of whole Wave-3 up moves(1045 Nifty points).
As both higher levels good selling and lower levels strong supports in last 23 sessions between 5639-5733 therefore technically Indian markets are not prepared for any side decisive move and will firstly prepare for next trend in the beginning of next week within 5639-5733. Market takes its own time to take positions and let this process complete and technical formations emerge in intraday charts then break out direction will be understood and projected in the coming sessions.
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1- 4770.35 on 04-06-2012(Wave-2 completion and Wave-3 beginning)
2- 5348.55 on 10-07-2012(Sub Wave-1 of Wave-3)
3- 5032.40 on 26-07-2012(Sub Wave-2 of Wave-3)
4- 5448.40 on 23-08-2012(Sub Wave-3 of Wave-3)
5- 5215.70 on 05-09-2012(Sub Wave-4 of Wave-3)
6- Sub Wave-5 of Wave-3 completion at 5815.35 on 05-10-2012
7- 14 Sessions sideways correction between 5639-5733.
8- 23 Sessions most time trading between 5639-5733.
9- Previous 3 corrective weeks.
10- Previous 2 weeks Doji Candle formation.
11- 23 Sessions sideways market between 5639-5756.
Conclusions from EOD chart analysis
Sub Wave-5 of Wave-3 completed at 5815.35 on 05-10-2012 and after that its correction begun in sideways trading mode. 14 Sessions correction between 5639-5733 and also last 23 sessions trading within this range.
As technical positions of last 14 sideways sessions has to be understood for deciding length of correction and next trend after completion of correction therefore Micro-Analysis of corrective 14 sessions intraday Charts of Nifty is as follows:-
Nifty-Micro Analysis of corrective 14 Sessions Intra Day Chart
(Oct 08 to Oct 26,2012)
Nifty-Intra Day Chart (Oct 08 to Oct 26,2012):- |
| Just click on chart for its enlarged view |
1- 14 Corrective sessions resistance at 5733.
2- Selling between 5700-5733.
3- 14 Corrective sessions support at 5639.
4- Buying between 5639-5675.
5- 14 Previous sessions sideways trading 5639-5733.
Conclusions from 14 Sessions intra day chart analysis
14 Sessions sideways corrcetion between 5639-5733 after Sub Wave-5 of Wave-3 completion with higher levels good selling between 5700-5733 and equally good buying also at lower levels between 5639-5675.
Conclusions (After Putting All Studies Together)
23 sessions sideways trading between 5639-5733 and finally sustaining beyond this range will decide next big following trends:-
1- Above 5733 will mean high possibility Nifty above 6000.
2- Below 5639 will mean firstly deeper correction of previous Sub Wave-5 rally of 600 Nifty points. As Wave-3 correction after completion of Sub Wave-5 therefore 'ABC' correction of whole Wave-3 up moves(1045 Nifty points).
As both higher levels good selling and lower levels strong supports in last 23 sessions between 5639-5733 therefore technically Indian markets are not prepared for any side decisive move and will firstly prepare for next trend in the beginning of next week within 5639-5733. Market takes its own time to take positions and let this process complete and technical formations emerge in intraday charts then break out direction will be understood and projected in the coming sessions.
Forceful break out or sustaining beyond 5639-5733 will blast open the gates of those next big moves which are being cooked in last 23 sessions.