Technical Analysis,Research & Weekly Outlook
(Feb 25 to Mar 01,2013)
Nifty-EOD Chart (22-Feb-2013):- |
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1- 4770.35 on 04-06-2012(Corrective Wave-2 completion and impulsive Wave-3 beginning)
2- 5348.55 on 10-07-2012(Sub Wave-1)
3- 5032.40 on 26-07-2012(Sub Wave-2)
4- 5815.35 on 05-10-2012(Sub Wave-3)
5- 5548.35 on 20-11-2012(Sub Wave-4)
6- 6111.80 on 29-01-2013(Sub Wave-5)
7- Head and Shoulders pattern formations in last 60 sessions with Neckline at 5823
Conclusions from EOD chart analysis
Correction continuation after Sub Wave-5 completion with trend reversal Head and Shoulders Bearish pattern formations in last 60 sessions and its Neckline is at 5823. Valid Break out below 5823 will mean breaking down of 60 sessions trading range and Neckline as well,resultant sharp down moves toward next supports at 5548.
Nifty-Intra Day Chart (03-12-2012 to 22-02-2013):-
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1- Selling between 6000-6111
2- Selling between 5890-5930
3- Selling between 5890-5970
4- Consolidation between 5823-5870
5- 60 Sessions actual trading between 5823-6111.
Conclusions from 60 Sessions intra day chart analysis
60 Sessions intra day chart is showing clear selling formations and multiple resistances at higher levels with some supports at lower levels. As good selling at higher levels therefore follow up selling in next week will mean sharp fall and consolidations in next week will mean some up moves only. As multiple resistances at higher levels therefore Valid break out of 6111 will give next up trend confirmations.
Nifty-Intra Day Chart (22-Feb-2013):-
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1- All Down moves are in Bullish Falling Channels.
2- Whole day actual trading between 5836-5873
Conclusions from intra day chart analysis
Although 37 Points narrow range trading with closing near lower levels of the day but without any selling patterns formations. As all down moves are in Bullish Falling Channels formations therefore indications of some up moves in the beginning of next week.
Conclusions (After Putting All Studies Together)
Union Budget-2013 presentation on 28-02-2013 and before that 3 trading sessions left. Nifty is range bound between 5823-6111 and it is confirm that break out of this range will mean strong moves toward break out side as well as its high possibility after Budget.
As next big moves will be decided through break out of mentioned 60 sessions range therefore technical positions within it has been updated above and strong indications of down moves below 5823 but a ray of hope is also seen after whole day good consolidations within 60 sessions supports range last Friday and up moves after Budget can not be ruled out if follow up consolidation develops in the coming 3 sessions before Budget.
It is confirm that big moves will be seen after Budget and up moves possibility is also alive despite last Friday closing near lower levels of 60 sessions range. Follow up moves(intraday charts patterns formations) with sustaining beyond 5823 will be firstly watched in the coming sessions. Let Market prepare for Post Budget trend then will be updated in Mid-session Outlooks according to conclusions from intraday charts formations in the same manner as being done for the last 3 years.
Neither Bullish nor Bearish but cautious view with watchful approach amid most depressed sentiments before Union Budget-2013 and post Budget trend is yet to get confirmations from next 3 sessions intraday charts formations.