Technical Analysis and Research For
30-07-2012
Nifty-EOD Chart (27-Jul-2012):-
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1- 578 Points Rally.
2- 14 Sessions 'ABC' Correction.
3- 5 sessions hovering around 200 200-Day SMA and 200-Day EMA.
4- 200-Day SMA at 5103
5- 200-Day EMA at 5161
Conclusions from EOD chart analysis
Intermediate and Short Term Trends are down and Long term trend is at stake because Nifty is hovering around its decider 200 200-Day SMA and 200-Day EMA.
Nifty-Micro Analysis of Intra Day Chart For
30-07-2012
Nifty-Intra Day Chart (27-Jul-2012):-
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1- Support between 5079-5105
2- Selling between 5137-5149
3- Whole day trading between 5079-5149
Conclusions from intra day chart analysis
As both intraday buying and selling patterns therefore Next moves confirmations will be sustaining beyond whole day trading range(5079-5149) and should be firstly watched today for next moves confirmations.
Conclusions (After Putting All Studies Together)
14 Sessions 'ABC' Correction is on after 578 Points Rally and firstly correction completion confirmation is required through sustaining above 200-Day EMA(5161). As intraday support seen at lower levels on 27-07-2012 therefore fresh rally hopes are alive but firstly sustaining above 5149 is must today because intraday selling was also seen below it on 27-07-2012.
Global cues are strong today morning therefore positive opening will be seen today and firstly watch sustaining beyond 5149 and 5161 today. Sustaining above 5161 will be fresh rally confirmation after 'ABC' Correction completion at Long term trend decider 200-Day EMA/200-Day SMA.
Although multiple resistances above 5161 and consolidation is required before any up move but hopes of sustaining above 5161 is alive after lower levels support on 27-07-2012.