Nifty-EOD Chart(23-Mar-2012):-
Technical Patterns and Formations in EOD charts
1- Resistances at 200-Day SMA
2- Support at 200-Day SMA on 07-03-2012 at 5171.45
3- Support at 200-Day EMA on 22-03-2012 at 5206
4- 200-Day EMA is at 5204 on 23-03-2012
5- 200-Day SMA is at 5156 on 23-03-2012
Corrective Wave-2 is on and Intermediate and Short Term Trends are down. As Nifty is sustaining above 200-Day EMA & SMA therefore Long term trend is up,until Nifty is above till then Bullish markets survival hopes are alive.
It is clear from above EOD Chart that when Indian market was in Bear phase then each time Nifty faced resistances and retraced from 200-Day EMA & SMA. Nifty traded whole previous week above 200-Day EMA as well as tested it also but got support and sustained above.
Correction is on and its completion confirmation is required yet. Although Petroleum Price hike news is possible any day but sustaining below 5157 should be firstly watched tomorrow for Long Term Trend survival confirmations and until Nifty will not sustain below it till then Uptrend will remain intact.
Expected that finally Nifty will not sustain below 200-Day SMA and impulsive Wave-3 will continue after on going Wave-2 correction completion.
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1- Resistances at 200-Day SMA
2- Support at 200-Day SMA on 07-03-2012 at 5171.45
3- Support at 200-Day EMA on 22-03-2012 at 5206
4- 200-Day EMA is at 5204 on 23-03-2012
5- 200-Day SMA is at 5156 on 23-03-2012
Conclusions from EOD chart analysis
Corrective Wave-2 is on and Intermediate and Short Term Trends are down. As Nifty is sustaining above 200-Day EMA & SMA therefore Long term trend is up,until Nifty is above till then Bullish markets survival hopes are alive.
It is clear from above EOD Chart that when Indian market was in Bear phase then each time Nifty faced resistances and retraced from 200-Day EMA & SMA. Nifty traded whole previous week above 200-Day EMA as well as tested it also but got support and sustained above.
Correction is on and its completion confirmation is required yet. Although Petroleum Price hike news is possible any day but sustaining below 5157 should be firstly watched tomorrow for Long Term Trend survival confirmations and until Nifty will not sustain below it till then Uptrend will remain intact.
Expected that finally Nifty will not sustain below 200-Day SMA and impulsive Wave-3 will continue after on going Wave-2 correction completion.