Technical Analysis,Research & Weekly Outlook
(Sep 10 to Sep 14,2012)
Nifty-EOD Chart (08-Sep-2012):- |
| Just click on chart for its enlarged view |
1- 4531.15 on 20-12-2011
2- Wave-1(5629.95 on 22-02-2012)
3- Wave-2(4770.35 on 04-06-2012)
4- Sub Wave-1(5348.55 ON 10-07-2012)
5- Sub Wave-2(5032.40 on 26-07-2012)
6- Sub Wave-3(5448.40 on 23-08-2012)
7- Sub Wave-4(5215.70 on 05-09-2012)
8- Sub Wave-5 of Wave-3 is on after correction completion
Conclusions from EOD chart analysis
All trends are up and closing near 10 days high on 08-09-2012 after huge gap up opening on 07-09-2012. Although no intraday selling seen in last 2 Bullish sessions but strong resistances between 5380-5450 therefore complete consolidations is required for rally above 5450. Sentiment is heated and cooling down is a demand before next rally therefore some intraday correction may be firstly seen before next rally. As markets corrects at higher levels in Bullish markets therefore expected intraday correction may be seen at higher levels also if global sentiments turns strong.
Rally is on after correction completion and its continuation is expected in the coming week after complete follow up consolidations above 5320 and below 5450.
Pre-open Outlook(10-09-2012)
Although Asian markets are positive today morning but Indian markets have already shown up moves in short session last saturday therefore it is possible that Indian markets may not positively react good Asian markets mood today morning and firstly trade between last saturday trading range(5350-5366) and prepare for next moves.
Finally rally is expected after follow up consolidations.