Technical Analysis and Research For 09-09-2011 & Next Week
Nifty-EOD Chart(08-Sep-2011):-
Technical Patterns and Formations in EOD charts
1- Falling Trendline Cross Over.
2- Sub Wave-1 Started from 4720 and terminated at 5113 after gaining 393 points.
3- Corrective Sub Wave-2 commenced and it completed at 4942
3- Sub Wave-3 begun from 4942 and 100% gains(393 points) of Wave-1 means target at 5335.
Conclusions
As Indian markets move up nicely after good consolidations today therefore expected that on going rally will remain continued in the coming sessions as well as testing possibility of 5335 can not be ruled out also.
Testing and crossing 5335 means will mean:-
1- Crossing of Inverted Head & Shoulders Neckline at 5230 and it will be trend reversal and strong up move confirmation.
2- Gap Resistance created on 05-08-2011 and its higher level is at 5323. Filling of this gap will mean gaining strength after crossing resistance.
3- Intermediate term trend turning up.
4- Crosing 55 Day EMA.
Sub Wave-3 is on after completion of very short term correction and also moving up after consolidation within crucial resistance range(5120-5220). Once crossing 5220 will mean sharp surge and high possibility of 5335 testing.
As good consolidation till today and almost 50% of the resistance range(5120-5220) with intraday consolidation patterns therefore expected that Nifty will test 5335 in the coming week.
Indian markets are technically mature for 5335 but if Global markets crash then view will be cautious.
Nifty-EOD Chart(08-Sep-2011):-
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| Just click on chart for its enlarged view |
1- Falling Trendline Cross Over.
2- Sub Wave-1 Started from 4720 and terminated at 5113 after gaining 393 points.
3- Corrective Sub Wave-2 commenced and it completed at 4942
3- Sub Wave-3 begun from 4942 and 100% gains(393 points) of Wave-1 means target at 5335.
Conclusions
As Indian markets move up nicely after good consolidations today therefore expected that on going rally will remain continued in the coming sessions as well as testing possibility of 5335 can not be ruled out also.
Testing and crossing 5335 means will mean:-
1- Crossing of Inverted Head & Shoulders Neckline at 5230 and it will be trend reversal and strong up move confirmation.
2- Gap Resistance created on 05-08-2011 and its higher level is at 5323. Filling of this gap will mean gaining strength after crossing resistance.
3- Intermediate term trend turning up.
4- Crosing 55 Day EMA.
Sub Wave-3 is on after completion of very short term correction and also moving up after consolidation within crucial resistance range(5120-5220). Once crossing 5220 will mean sharp surge and high possibility of 5335 testing.
As good consolidation till today and almost 50% of the resistance range(5120-5220) with intraday consolidation patterns therefore expected that Nifty will test 5335 in the coming week.
Indian markets are technically mature for 5335 but if Global markets crash then view will be cautious.