Technical Analysis,Researches & Market Outlook for
02-02-2012
Nifty-EOD Chart(01-Feb-2012):-
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| Just click on chart for its enlarged view |
Technical Patterns and Formations in EOD charts
1- 6339 on 05-11-2010
2- 4532 on 20-12-2011
3-Nifty closing above trend Reversal 121 Sessions sideways market between 4720-5229.
4- Closing at 5235.70 on 01-02-2012
Three Bullish cross overs on 01-02-2012
1- Closing above 200 Day(SMA)-5195
2- Closing above 200 Day(EMA)-5132
3- Closing above 121 sessions sideways trading range(5229)
Conclusions from EOD chart analysis
Closing above crucial resistance levels yesterday and Our postings in our Blog are live proofs of this fact that we told for such moves dozens of times since 20-12-2011.
Strong Rally in Jan 2012 but when Rally begun on 20-12-2011 then only we told on following line on 22-12-2011 in 4693 is Long Term Trend Decider for 2012:-
"2012 will prove Bullish year after all corrections completion in 2011"
Above topic was updated in mudraa.com also and anyone may verify our above statement through clicking following link also:-
http://www.mudraa.com/trading/113122/0/4693-is-long-term-trend-decider-for-2012.html
Last formality of confirmation through sustaining above 5229 is left and after this only Bullish Indian markets will be seen in 2012 after all trends turning upward confirmations.
US markets are mre than 1% up after European markets more than 1.80% positive closing therefore expected that sentiment will be Bullish today morning but Nifty should firstly trade and sustain above 5265 for long term trend upward confirmations. As setiment may be most heated today morning therefore profit booking posibility also can not be ruled out but finally sustaining above 5229 is must for blasting bullish market in this month.
Expected that finally Nifty will give confirmation of sustaining above 5229 but has to be seen that it will happen within couple of days or after after very short term correction.