Nifty-EOD Chart(29-Mar-2012):-
Technical Patterns and Formations in EOD charts
1- 'ABC' Correction of Dec. 2011 rally
2- Testing of Long Term Trend Decider 200-Day SMA(today at 5150)
3- Intraday support at 200-Day SMA
Nifty tested 200-Day SMA today but its possibility was clearly told in Weekly Outlook(Mar 26 to Mar 30,2012) on 25-03-2012:-
"correction is on and in this precess testing possibility of Long term trend decider 200-Day SMA(5156) can not be ruled out"
Nifty got support at 200-Day SMA today and its possibility was also told yesterday in Long Term Trend Saviour 200-Day SMA(today at 5151)
"rally continuation is expected after correction completion near about or above 200-Day SMA(today at 5151)"
1- Intraday support at 200-Day SMA
2- Previous 3 sessions intraday charts are showing consolidation patterns.
3- Today more than 1% down moves are due to depressed Global cues.
4- Indian markets out performed Global markets today
5- Intraday recovery in Indian markets today despite Weak European markets.
Correction completion confirmation is left and that will be firstly after sustaining above 5151 and finally after sustaining above 5236 because Nifty traded most time between 5175-5236 in Previous 3 sessions.
Although confirmaton is required but expected that finally Indian markets will honour 200-Day SMA and cross 5236 after sustaining above 5151.
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1- 'ABC' Correction of Dec. 2011 rally
2- Testing of Long Term Trend Decider 200-Day SMA(today at 5150)
3- Intraday support at 200-Day SMA
Conclusions from EOD chart analysis
Nifty tested 200-Day SMA today but its possibility was clearly told in Weekly Outlook(Mar 26 to Mar 30,2012) on 25-03-2012:-
"correction is on and in this precess testing possibility of Long term trend decider 200-Day SMA(5156) can not be ruled out"
Nifty got support at 200-Day SMA today and its possibility was also told yesterday in Long Term Trend Saviour 200-Day SMA(today at 5151)
"rally continuation is expected after correction completion near about or above 200-Day SMA(today at 5151)"
Following technical points are indicating correction completion today:-
1- Intraday support at 200-Day SMA
2- Previous 3 sessions intraday charts are showing consolidation patterns.
3- Today more than 1% down moves are due to depressed Global cues.
4- Indian markets out performed Global markets today
5- Intraday recovery in Indian markets today despite Weak European markets.
Correction completion confirmation is left and that will be firstly after sustaining above 5151 and finally after sustaining above 5236 because Nifty traded most time between 5175-5236 in Previous 3 sessions.
Although confirmaton is required but expected that finally Indian markets will honour 200-Day SMA and cross 5236 after sustaining above 5151.