Technical Analysis and Research For 16-03-2012
Nifty-EOD Chart(15-Mar-2012):-
 |
| Just click on chart for its enlarged view |
1- Impulsive Wave-1 from 4531.15 to 5629.95.
2- Corrective Wave-2 from 5629.95 to 5171.45 and 38.2% retracement completion at 5209.
3- 4 Days Impulsive Wave-3 from 5171.45 to 5499.40.
4- Minnor correction of 4 Days Impulsive Wave-3 from 5499.40 to 5362.30 and 38.2% retracement completion at 5373 on 15-03-2012.
Conclusions from EOD chart analysis
Very short term indicators turned overbought after 4 days rally and resultant 38.2% correction today on the back on adverse news flow. Expected that ongoing impulsive Wave-3 will remain continued in the coming sessions after today correction completion.
Nifty-Intra Day Chart(15-Mar-2012):-
 |
| Just click on chart for its enlarged view |
1- Selling between 5430-5447
2- More than 3 hours Consolidation Patterns between- 5362-5396
3- Whole day trading between 5362-5447
Conclusions from intra day chart analysis
As more than 3 hours intraday consolidation pattern therefore indication of on going rally continuation after correction completion today at 38.2% retracement level.
Conclusions (After Putting All Indicators Together)
All trends are up and intraday support seen at lower levels today therefore strong indication of correction completion today and expected that on going rally will remain continued in the coming sessions.
Nifty will firstly trade between today trading range(5362-5447) tomorrow. Indian markets are technically mature for rally in the coming sessions and its continuation will be seen tomorrow despite whatsoever Union Budget-2012.