Technical Analysis and Research For 24-04-2012
Nifty-EOD Chart (23-Apr-2012):-
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1- Corrective wave begun on 05-11-2010 from 6338.
2- Long term correction confirmation after 200-Day SMA broken down.
3- Three times resistance at 200-Day SMA in correction.
4- 5th impulsive wave begun on 20-12-2011 from 4532.
5- Long term correction completion confirmation after 200-Day SMA broken out.
6- 5th wave gained 1098.80 Nifty Points in 45 sessions.
7- Correction of 5th Wave beginning on 22-02-2012 from 5629.
8- Two times support at 200-Day SMA in on going correction.
Conclusions from EOD chart analysis
200-Day SMA proved Long term Trend decider and posed resistance in Bear market as well gave supports in Bull markets. Correction is on and yesterday mentioned 1st support(5184) has almost been tested yesterday as well as 2nd support(5136) testing possibility can not been ruled out also. As Long term trend decider 200-Day SMA is also lying today at 5137 therefore following levels have become most crucial;-
1- 5136
2- 5137
As 200-Day SMA is most crucial now therefore specially this topic has been posted to update its importance. Correction is very much on and its testing as well as slipping below it also can not be ruled out in the coming sessions but until Nifty will not sustain below 200-Day SMA till then Bullish market possibility will remain alive after correction completion.
Expected that finally Indian markets will remain Bullish without sustaining below 200-Day SMA.