Rally continuation Expectations
Technical Analysis,Research & Weekly Outlook
(Aug 01 to Aug 05,2016)
Nifty-EOD Chart (29-Jul-2016):-
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1- Impulsive Wave-1 beginning after bottom formation at 6825.80 on 29-02-2016
2- Wave-1(7992 on 28-04-2016)
3- Wave-2(7678.35 on 06-05-2016)
4- Wave-i of Wave-3(8294.95 on 07-06-2016)
5- Wave-ii of Wave-3(7927.05 on 24-06-2016)
6- Wave-iii of Wave-3 contimuation with recent top formation at 8674.70 on 28-07-2016)
Conclusions from EOD chart analysis
Rally is very much on and its continuation is expected because selling patterns formations not seen on EOD charts.
Intra Day Chart Analysis(29-07-2016)
Nifty-Intra Day Chart (29-Jul-2016):-
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1- Consolidation between 8637-8653
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 8632-8670
Conclusions from intra day chart analysis
Although closing near the lower levels of the day in sideways 38 points whole day trading but intraday patterns are showing good consolidation patterns formations therefore expected that on going rally will remain continued despite 0.32% negative closing last Friday.
Conclusions (After Putting All Studies Together)
All trends are up and rally is very much on as well as its continuation is expected because consolidation patterns formations was seen in last 2 sessions intraday charts. It is confirm that until clear and complete selling patterns will not develop on EOD and intraday charts till then Short/Intermediate Term correction will not be seen.
As Short/Intermediate Term Indicators have turned overbought therefore correction is very much due but that will happen only after suficient selling patterns formations which has not developed yet therefore on going Wave-iii of Wave-3 will remain continued in the coming week.