Technical Analysis,Research & Weekly Outlook
(Apr 9 to Apr13,2012)
Nifty-EOD Chart(04-Apr-2012):- |
| Just click on chart for its enlarged view |
1- 4531.15 on 20-12-2011(Rally bottom)
2- Wave-1 top at 5629.95 on 22-02-2012(Rally top)
3- Corrective Wave-2 bottom at 5135.95 on 29-03-2012(Correction bottom got support just below 200 Day SMA)
4- Wave-3 beginning from 30-03-2012 but its confirmation is required
5- Bullish 'Flag Pattern' Formation after 22-02-2012 correction
Conclusions from EOD chart analysis
Wave-2 correction is on from 22-02-2012 in falling Channel(Bullish 'Flag Pattern') Formation which got support at 5135.95 on 29-03-2012. Wave-3 is on but but its confirmation is required through sustaining above 5400 but Nifty faced resistance(5377) at the Upper Falling Trend line of Falling Channel on 03-04-2012 and down moves seen on 04-04-2012 after gap down opening.
Long and short term trends are up and Intermediate term trend is sideways for the last 27 sessions within Flag Pattern and will be up above 5400.Bullish 'Flag Pattern' Formation in EOD Chart therefore finally Dec 2011 like strong rally will be seen after Nifty sustaining above Upper Falling Trend line of Falling Channel as well as sustaining above 5400.
Higher levels good selling and lower levels supports within Falling Channel(Flag) therefore expected that Nifty will trade firstly trade between 5136-5377. Although finally rally above 5377 is expected but sustaining beyond mentioned range(5136-5377) will also be firstly watched for next immediate moves confirmations in the coming week.