Nifty-EOD Chart(02-Mar-2012):-
Technical Patterns and Formations in EOD charts
1- Rally above Rising Trendline.
2- 3 Sessions Selling.
3- Correction confirmation after Rising Trendline broken down.
4- Whole week trading near 5340-5415.
5- Weekly Closing at 5359.35 within 5340-5415.
Correction is on after 3 days selling at the top of rally. Long Tern trend is up,Short term trend is down and Intermediate term trend is sideways.
Sustaining beyond 5340 will decide the fate of Intermediate term trend and its importance has already been told more than 15 times in previous week and Nifty hovered it around whole week also.
Following lines were told on 26-02-2012 in the Weekly Outlook(Feb 27 to Mar 02,2012):-
1- strong supports also between 5340-5415 therefore complete distribution is must for slipping below 5340
2- Indian markets will firstly prepare minimum 2/3 sessions within sideways moves
Indian markets were sideways in previous week and hovered around 5340-5415 as well as closed also at 5359.35 within mentioned range.
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1- Rally above Rising Trendline.
2- 3 Sessions Selling.
3- Correction confirmation after Rising Trendline broken down.
4- Whole week trading near 5340-5415.
5- Weekly Closing at 5359.35 within 5340-5415.
Conclusions from EOD chart analysis
Correction is on after 3 days selling at the top of rally. Long Tern trend is up,Short term trend is down and Intermediate term trend is sideways.
Sustaining beyond 5340 will decide the fate of Intermediate term trend and its importance has already been told more than 15 times in previous week and Nifty hovered it around whole week also.
Following lines were told on 26-02-2012 in the Weekly Outlook(Feb 27 to Mar 02,2012):-
1- strong supports also between 5340-5415 therefore complete distribution is must for slipping below 5340
2- Indian markets will firstly prepare minimum 2/3 sessions within sideways moves
Indian markets were sideways in previous week and hovered around 5340-5415 as well as closed also at 5359.35 within mentioned range.
Our Previous week projection proved 100% accurate and sustaining beyond 5340-5415 will decide the fate of Intermediate term trend as well as generate big moves towards breaking out direction.