Nifty-EOD Chart (31-Jul-2012):-
Conclusions from EOD chart analysis
Wave-3 is on after correction completion at 5032.40 on 26-07-2012. For detailed analysis of correction nature fust click following topic link and understand:-
Rally after correction completion above 5161
Nifty-Intra Day Chart (31-Jul-2012):-
Technical Patterns and Formations in today intraday charts
1- Support between 5155-5186
2- Mixed Patterns between 5204-5234
3- Whole day trading between 5155-5234
Conclusions from intra day chart analysis
Closing near intraday higher levels after good support at lower levels but last more than 1 hour trading with mixed patterns therefore consolidation is firstly required for moves above yesterday highs.
As whole day intraday chart pattern is showing consolidation formations therefore finally rally continuation is expected.
Rally is on after 'ABC' correction completion as well as getting supports at 200-Day SMA and 200-Day EMA. As yesterday intraday charts are also showing consolidation formation therefore no hurdle and on going rally continuation is expected but more consolidation is required because last hour mixed intraday patterns yesterday and at present trading within resistance range of 5200-5250.
Pre-open Outlook(01-08-2012)
All the Asian markets are in Red except SSEC after negative closing in US markets therefore sentiment is dampened today morning. As US and European markets intraday charts of yesterday are showing selling formations therefore weakness is expected in US and European markets today and sentiment may remain depressed tomorrow also.
Expected that Nifty will firstly trade within yesterday Mixed Patterns range(5205-5234) and finally on going rally will remain continued after follow up consolidations in the coming sessions.
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| Just click on chart for its enlarged view |
Wave-3 is on after correction completion at 5032.40 on 26-07-2012. For detailed analysis of correction nature fust click following topic link and understand:-
Rally after correction completion above 5161
Nifty-Intra Day Chart (31-Jul-2012):-
 |
| Just click on chart for its enlarged view |
1- Support between 5155-5186
2- Mixed Patterns between 5204-5234
3- Whole day trading between 5155-5234
Conclusions from intra day chart analysis
Closing near intraday higher levels after good support at lower levels but last more than 1 hour trading with mixed patterns therefore consolidation is firstly required for moves above yesterday highs.
As whole day intraday chart pattern is showing consolidation formations therefore finally rally continuation is expected.
Conclusions (After Putting All Studies Together)
Rally is on after 'ABC' correction completion as well as getting supports at 200-Day SMA and 200-Day EMA. As yesterday intraday charts are also showing consolidation formation therefore no hurdle and on going rally continuation is expected but more consolidation is required because last hour mixed intraday patterns yesterday and at present trading within resistance range of 5200-5250.
Pre-open Outlook(01-08-2012)
All the Asian markets are in Red except SSEC after negative closing in US markets therefore sentiment is dampened today morning. As US and European markets intraday charts of yesterday are showing selling formations therefore weakness is expected in US and European markets today and sentiment may remain depressed tomorrow also.
Expected that Nifty will firstly trade within yesterday Mixed Patterns range(5205-5234) and finally on going rally will remain continued after follow up consolidations in the coming sessions.