Nifty-EOD Chart (05-Oct-2012):-
Technical Patterns and Formations in EOD charts
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- Engulfing Bearish candle fomation on 05-10-2012
10- Impulsive Wave-3 continuation.
11- Overbought MACD.
Conclusions from EOD chart analysis
As sentiment turned heated after 21 sessions 600 Nifty points strong rally from 05-09-2012 to 05-10-2012 therefore minimum intrarday correction was required and it was seen last Friday as well as Engulfing Bearish candle formation also on EOD Charts.
Nifty-Intra Day Chart after 10:06AM (05-Oct-2012):-
Nifty opened after Circuit Filter at 10:06AM and resumed trading from at 5756 as well as traded most time below 5756 therefore intra Day Chart analysis of post Circuit Filter moves are being given:-
Nifty-Intra Day Chart after 10:06AM (05-Oct-2012):-
Technical Patterns and Formations in today intraday charts after 10:06AM:-
1- Support between 5707-5730
2- Falling Channel between 5726-5749
Conclusions from intra day chart analysis
Firstly fast up moves after lower circuit opening but could not sustain at higher levels and Nifty traded most time below post lower circuit opening(5756). As Nifty got intraday supports at lower level between 5707-5730 and consolidation formations seen therefore on going rally continuation is expected after intraday correction completion through Circuit Filter led huge panic on 05-10-2012.
All trends are up and impulsive Wave-3 continuation as well as short term indicators are overbought therefore required correction was seen last Friday. Bullish rally in full force and in such strong up moves sometimes market completes corrections at higher levels or within narrow range moves,until any crucial support will not be broken down decisively till then deeper correction will not be considered. Indicators are overbought and Engulfing Bearish candle formation on 05-10-2012 but deeper correction begins after complete distribution patterns on EOD charts in such Bullish rallies therefore let it happen first then correction will be seen.
Rally is continued and and expected that Nifty will test now next resistance of 5870-5910.Next strong supports are between 5639-5680 and until Nifty will not sustain below it till then deep correction will not be considered.
Bullish rally is on and minimum target of Nifty is at 5869.15,its testing is also expected in the coming weeks but intra day correction with high volatility seen last Friday and technical positions reverses in such confusing sentiments therefore next moves confirmation is firstly required through sustaining beyond 5707-5756.
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| 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
9- Engulfing Bearish candle fomation on 05-10-2012
10- Impulsive Wave-3 continuation.
11- Overbought MACD.
Conclusions from EOD chart analysis
As sentiment turned heated after 21 sessions 600 Nifty points strong rally from 05-09-2012 to 05-10-2012 therefore minimum intrarday correction was required and it was seen last Friday as well as Engulfing Bearish candle formation also on EOD Charts.
Nifty-Intra Day Chart after 10:06AM (05-Oct-2012):-
Nifty-Intra Day Chart after 10:06AM (05-Oct-2012):-
 |
| Just click on chart for its enlarged view |
1- Support between 5707-5730
2- Falling Channel between 5726-5749
Conclusions from intra day chart analysis
Firstly fast up moves after lower circuit opening but could not sustain at higher levels and Nifty traded most time below post lower circuit opening(5756). As Nifty got intraday supports at lower level between 5707-5730 and consolidation formations seen therefore on going rally continuation is expected after intraday correction completion through Circuit Filter led huge panic on 05-10-2012.
Conclusions (After Putting All Studies Together)
All trends are up and impulsive Wave-3 continuation as well as short term indicators are overbought therefore required correction was seen last Friday. Bullish rally in full force and in such strong up moves sometimes market completes corrections at higher levels or within narrow range moves,until any crucial support will not be broken down decisively till then deeper correction will not be considered. Indicators are overbought and Engulfing Bearish candle formation on 05-10-2012 but deeper correction begins after complete distribution patterns on EOD charts in such Bullish rallies therefore let it happen first then correction will be seen.
Rally is continued and and expected that Nifty will test now next resistance of 5870-5910.Next strong supports are between 5639-5680 and until Nifty will not sustain below it till then deep correction will not be considered.
Bullish rally is on and minimum target of Nifty is at 5869.15,its testing is also expected in the coming weeks but intra day correction with high volatility seen last Friday and technical positions reverses in such confusing sentiments therefore next moves confirmation is firstly required through sustaining beyond 5707-5756.