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Technical Analysis and Research For 01-03-2013


Nifty-EOD Chart (28-Feb-2013):-
Just click on chart for its enlarged view
Technical Patterns and Formations in EOD charts

1- 61 sessions sideways trading between 5823-6111. 
2- Head and Shoulders pattern formations in last 61 sessions with Neckline at 5823.
3- Neckline Broken down on 26-02-2013 
4- 3 Consecutive closing below 5823 in previous sessions.

Conclusions from EOD chart analysis 

61 sessions sideways trading between 5823-6111 with trend reversal bearish Head and Shoulders pattern formations and 3 Consecutive closing below its Neckline(5823) in previous sessions therefore its breaking down confirmations. Now more down moves are expected toward next supports at 5548.35

Pre-Closing Outlook(01-03-2013)

Indian markets gave weakness confirmations yesterday therefore some more down moves are expected and 5548.35 will be watched because good supports there.
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