Nifty-EOD Chart (16-Nov-2012):-
Technical Patterns and Formations in EOD charts
1- 4770.35 on 04-06-2012(Wave-2 completion and Wave-3 beginning)
2- 5815.35 on 05-10-2012(Wave-3 completion and corrective Wave-3 beginning)
3- Correction in Falling Channel formation.
4- Lower Falling Trend Line testing last Friday.
5- 36 Sessions trading range(5583-5815) broken down last Friday.
Nifty traded sideways between 5583-5815 with following selling ranges and these ranges are next resistances also:-
1- Selling between 5700-5720/5733/5777/5815.
2- Selling between5672-5705.
3- Selling between 5620-5650.
As good selling at higher levels therefore 36 sessions lowest(5583) broken down last Friday but after following negative news flow:-
1- Indian Rupee weakening.
2- Sudden fall in US Futures and European markets.
Although good selling at higher levels but last Friday fall was negative news generated therefore 36 Sessions trading range(5583-5815) broken down confirmation is required through:-
1- 3 Days sustaining below 5583
2- Minimum 3% down moves from the lowest((5583) of the previous trading range.
Minimum 10% deeper correction will be seen after breaking down but confirmation is must and market require complete consolidations for next up moves. Until Nifty will not cross above mentioned multiple resistances till then any up trend will not be considered.
Up moves will be slow while down moves will be fast in the coming week.
Pre-open Outlook(19-11-2012)
Intraday indicators are oversold after last Friday steep fall and Asian markets are also positive today morning therefore sentiment is good and Positive opening will be seen and finally sustaining beyond 5583 should be watched today for next big down moves or any decisive move confirmation.
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1- 4770.35 on 04-06-2012(Wave-2 completion and Wave-3 beginning)
2- 5815.35 on 05-10-2012(Wave-3 completion and corrective Wave-3 beginning)
3- Correction in Falling Channel formation.
4- Lower Falling Trend Line testing last Friday.
5- 36 Sessions trading range(5583-5815) broken down last Friday.
Conclusions from EOD chart analysis
Nifty traded sideways between 5583-5815 with following selling ranges and these ranges are next resistances also:-
1- Selling between 5700-5720/5733/5777/5815.
2- Selling between5672-5705.
3- Selling between 5620-5650.
As good selling at higher levels therefore 36 sessions lowest(5583) broken down last Friday but after following negative news flow:-
1- Indian Rupee weakening.
2- Sudden fall in US Futures and European markets.
Although good selling at higher levels but last Friday fall was negative news generated therefore 36 Sessions trading range(5583-5815) broken down confirmation is required through:-
1- 3 Days sustaining below 5583
2- Minimum 3% down moves from the lowest((5583) of the previous trading range.
Minimum 10% deeper correction will be seen after breaking down but confirmation is must and market require complete consolidations for next up moves. Until Nifty will not cross above mentioned multiple resistances till then any up trend will not be considered.
Up moves will be slow while down moves will be fast in the coming week.
Pre-open Outlook(19-11-2012)
Intraday indicators are oversold after last Friday steep fall and Asian markets are also positive today morning therefore sentiment is good and Positive opening will be seen and finally sustaining beyond 5583 should be watched today for next big down moves or any decisive move confirmation.