Technical Analysis,Researches & Market Outlook
(10-01-2012)
(10-01-2012)
Nifty-Intra Day Chart(09-Jan-2011):-
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1- Up moves in Rising trendline with support after every fall.
2- Rising trendline broken down in last hours.
3- Bullish Hammer Candle formation.
4- Whole day trading between 4698-4758
Conclusions from intra day chart analysis
Consolidation indications from intraday patterns and Bullish Hammer candle formation also today therefore continuation of previous month begun rally hopes are alive despite most of the time negative zone trading today.
Nifty-EOD Chart(09-Jan-2011):-
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1- Sub Wave 1(upmove) begun at 4532 on 20-12-2011
2- Sub Wave 1(upmove) completed at 4800 on 27-12-2011 and Sub Wave 2(its correction) begun.
3- Sub Wave 2(corrective) completed at 4589 on 02-01-2012 and Sub Wave 3(upmove) begun.
4- 6 sessions trading betwwn 27 Sessions trading range 4687-4794
Conclusions from EOD chart analysis
Exlplosives are being accumulated between 4687-4794 and blasting moves will be seen after forceful break out or sustaining beyond this range. As both selling at higher levels and buying at lower levels therefore more preparaion is required for decisive break out and expected that Nifty will firstly trade within mentioned range.
As more consolidation signals and intraday patterns within mentioned range(4687-4794) therefore its upward break out is expected in the coming sessions and for precaution sustaining beyond this range will be watched for confirmations.
Crucial levels have already been updated in Pre-Closing Outlook(09-01-2012) therefore not being repeated.