Technical Analysis,Research & Weekly Outlook
(Aug 27 to Aug 31,2012)
Nifty-EOD Chart (24-Aug-2012):- |
| Just click on chart for its enlarged view |
1- Wave-1(5629.95 on 22-02-2012)
2- Wave-2(4770.35 on 04-06-2012)
3- Sub Wave-1(5348.55 ON 10-07-2012)
4- Sub Wave-2(5032.40 on 26-07-2012)
5- Sub Wave-3 oF Wave-3 is on
6- Long term trend decider 200-Day SMA at 5116
7- Long term trend decider 200-Day EMA at 5188
Conclusions from EOD chart analysis
All trends are up and minor correction of Sub Wave-3 is on from last 2 sessions.
Nifty-Intra Day Chart (Aug 23 & Aug 24,2012):-
 |
| Just click on chart for its enlarged view |
1- Selling between 5436-5448
2- Consolidation between 5371-5335
Conclusions from 2 Sessions intra day chart analysis
Higher levels selling and lower levels buying in last 2 sessions therefore firstly sideways market expected within last 2 sessions trading range(5371-5448).
Conclusions (After Putting All Indicators Together)
Wave-3 is on and as per Elliott Wave theory it can not be shorter than Wave-1 which rallied 578.20(5348.55-4770.35) points. Wave-3 started from 5032.40 and it should move up minimum 578.20 points therefore minimum tanget of on going rally is 5610.60(5032.40+578.20).
Nifty is well above both Long term trend deciders 200-Day SMA and 200-Day EMA as well as given confirmations of Long term trend turning up through sustaining it above. Very Short term correction seen in last 2 sessions but lower levels support also seen on 24-08-2012.
Although correction is on but Consolidation between 5371-5335 on 24-08-2012 therefore firstly sustaining beyond this range will be watched in the beginning of next week and sustaining it beyond will decide the depth or completion of on going correction.
Very Short term correction is on and let its completion confirmation come then rally toward minimum 5610.60 will be seen. Expected that fresh up moves will start after completion of on going correction.