Technical Analysis,Research & Weekly Outlook
(Sep 24 to Sep 28,2012)
Nifty-Intra Day Chart (21-Sep-2012):-
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1- Strong intraday rally
2- Last more than 3 hours range bound moves with intraday mixed patterns between 5668-5705
3- Whole day acual trading between 5600-5720
Conclusions from intra day chart analysis
Firstly strong rally and after that last more than 3 hours range bound moves with intraday mixed patterns between 5668-5705 but complete distribution patterns are required for correction. Intraday charts are indicating that Nifty will firstly hover around 5668-5705 and prepare for next moves.
Nifty-EOD Chart (21-Sep-2012):-
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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
9- Impulsive Wave-3 continuation
10- 200-Day SMA at 5163
11- 200-Day EMA at 5227
Conclusions (After Putting All Studies Together)
All trends are up and strong rally(Sub Wave-5 of Wave-3) continuation after corrective Sub Wave-4 completion above Long Term Trend decider 200-Day SMA and EMA. As last more than 3 hours range bound moves with intraday mixed patterns between 5668-5705 on 21-09-2012 therefore if sentiment remains calm in the beginning of next week then Nifty will firstly hover around 5668-5705 and prepare for next moves.
As Short term Indicators are overbought after 12 sessions 505 Nifty points strong rally therefore Short term correction is due and it may be seen also but finally Bullish rally is very much on in the form of Impulsive Wave-3 and its continuation is expected. Complete distribution patterns are required for Intermediate term correction and until that will not happen till then any big correction will not be considered.