Technical Analysis and Research For Nov 14 to Nov 18,2011
Nifty-EOD Chart(11-Nov-2011):-
Technical Patterns and Formations in EOD charts
1- Oct 2011 Rally &'ABC' Correction
2- Struggling for next trend near 94 points Gap
3- Corrective Wave 'A' slipped 199 points(5400-5201)
4- Corrective Wave 'C' slipped 184 points(5326-5142)
Conclusions from intra day chart analysis
94 points Gap down on 05-08-2011 and after that 54 sessions range bound trading was seen. Rally started in Oct 2011 and this range was broken out through huge gap up on 28-10-2011 but market could not sustain at higher levels and 'ABC' Correction was seen. Struggling for next trend is being seen near 94 points Gap and NIfty is hovering it around for the last 9 sessions
As almost 100% Wave 'C' correction completed on 11-11-2011 therefore it may complete here also and now fresh rally is possible also.
Nifty-Intra Day Chart(Oct 26 to Nov 11,2011):-
Technical Patterns and Formations in last 10 sessions intraday charts
1- Multiple supports and resistances
2- Italian news led fall on 09-11-2011 and all the supports broken down.
Conclusions from last 10 sessions intraday charts analysis
As negative news from Italy therefore all the last 10 days supports have been broken down without much selling at higher levels.
Nifty-Intra Day Chart(11-Nov-2011):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5181-5197
2- Support between 5147-5168
3- Mixed patterns between 5160-5187
3- Whole day trading between 5143-5198
Conclusions from intra day chart analysis
Mixed intraday patterns after gap down opening and also did not crashed after much weaker IIP data as well as got support at lower levels between 5147-5168. As mixed intraday patterns today therefore sustaining beyond today trading range will be next moves confirmations.
Conclusions (After Putting All Studies Together)
Technically Indian markets are prepared for fresh phase of rally after completion of 'ABC' correction. As previous week sharp fall was the reaction of Italian negative news and much selling was not seen at higher levels therefore rally can be expected in next week if situations in Europe remains stable.
As cost of borrowing increased in Italy therefore all the global markets tumbled 2/3 days before but US and European Stock markets have risen sharply on 11-11-2011 after Italy's senate voted to adopt a package of austerity measures. Daily new news and huge gap up/down opening and trading beyond any level is being seen for the last 4 months.
Violent Global markets volatility and most uncertain Euro zone scenario as well as random global markets moves is the character of all the global markets nowadays. Most European markets recovered almost all points which were lost 2/3 days before and same Asian markets reaction will be seen on Monday and such bullish moves are excpected in Indian also in next week.
Sentiment was most depressed after much weaker IIP data but Indian markets got support at lower levels on 11-11-2011 therefore rally after gap up opening will be seen In Indian markets and positive next week is expected.
Nifty-EOD Chart(11-Nov-2011):-
 |
| Just click on chart for its enlarged view |
1- Oct 2011 Rally &'ABC' Correction
2- Struggling for next trend near 94 points Gap
3- Corrective Wave 'A' slipped 199 points(5400-5201)
4- Corrective Wave 'C' slipped 184 points(5326-5142)
Conclusions from intra day chart analysis
94 points Gap down on 05-08-2011 and after that 54 sessions range bound trading was seen. Rally started in Oct 2011 and this range was broken out through huge gap up on 28-10-2011 but market could not sustain at higher levels and 'ABC' Correction was seen. Struggling for next trend is being seen near 94 points Gap and NIfty is hovering it around for the last 9 sessions
As almost 100% Wave 'C' correction completed on 11-11-2011 therefore it may complete here also and now fresh rally is possible also.
Nifty-Intra Day Chart(Oct 26 to Nov 11,2011):-
 |
| Just click on chart for its enlarged view |
1- Multiple supports and resistances
2- Italian news led fall on 09-11-2011 and all the supports broken down.
Conclusions from last 10 sessions intraday charts analysis
As negative news from Italy therefore all the last 10 days supports have been broken down without much selling at higher levels.
Nifty-Intra Day Chart(11-Nov-2011):-
 |
| Just click on chart for its enlarged view |
1- Selling between 5181-5197
2- Support between 5147-5168
3- Mixed patterns between 5160-5187
3- Whole day trading between 5143-5198
Conclusions from intra day chart analysis
Mixed intraday patterns after gap down opening and also did not crashed after much weaker IIP data as well as got support at lower levels between 5147-5168. As mixed intraday patterns today therefore sustaining beyond today trading range will be next moves confirmations.
Conclusions (After Putting All Studies Together)
Technically Indian markets are prepared for fresh phase of rally after completion of 'ABC' correction. As previous week sharp fall was the reaction of Italian negative news and much selling was not seen at higher levels therefore rally can be expected in next week if situations in Europe remains stable.
As cost of borrowing increased in Italy therefore all the global markets tumbled 2/3 days before but US and European Stock markets have risen sharply on 11-11-2011 after Italy's senate voted to adopt a package of austerity measures. Daily new news and huge gap up/down opening and trading beyond any level is being seen for the last 4 months.
Violent Global markets volatility and most uncertain Euro zone scenario as well as random global markets moves is the character of all the global markets nowadays. Most European markets recovered almost all points which were lost 2/3 days before and same Asian markets reaction will be seen on Monday and such bullish moves are excpected in Indian also in next week.
Sentiment was most depressed after much weaker IIP data but Indian markets got support at lower levels on 11-11-2011 therefore rally after gap up opening will be seen In Indian markets and positive next week is expected.