Nifty-EOD Chart (14-Dec-2012):-
Technical Patterns and Formations in EOD charts
1- Wave-2 completion(4770.35 on 04-06-2012)
2- Sub Wave-1 gained 578.20 points(5348.55 on 10-07-2012)
3- Sub Wave-2(5032.40 on 26-07-2012)
4- Sub Wave-3 gained 782.95 points(5815.35 on 05-10-2012)
5- 44 Sessions sideways Sub Wave-4 correction between 5549-5815 with Bullish Flag formation.
6- Sub Wave-4 completion at 5548.35 on 20-11-2012)
7- Sub Wave-5 of Wave-3 continuation.
8- Last 10 sessions sideways trading between 5839-5962
Technical Patterns and Formations in last 10 Sessions intraday charts
1- Support between 5839-5860
2- Resistance between 5932-5962
3- 10 Sessions actual trading between 5839-5962
All trends are up and Sub Wave-5 of Wave-3 continuation after completion of 44 sessions Sub Wave-4 sideways correction between 5549-5815. Although 44 sessions trading range broken out forcefully on 29-11-2012 but market again turned sideways between 5839-5962 which is just above the top(5815) of Sub Wave-4 sideways trading range.
As Sub Wave-4 corrected with Bullish Flag formation therefore finally strong Sub Wave-5 rally will be seen but follow up consolidation is required to cross last 10 sessions higher levels resistances. As strong supports also developed at lower levels(above 5839) in last 10 sessions therefore expected that finally Sub Wave-5 rally will remain continued after follow up consolidation.
Indian markets are not prepared for any side decisive moves because development of both supports and resistances in last 10 sessions therefore Nifty will firstly trade as well as prepare for next moves between 5839-5962 in the coming week. Expected that finally Sub Wave-5 rally will remain continued after follow up consolidations but valid break out of last 10 sessions range(5839-5962) must be firstly watched for next moves confirmations because resistances development also in last 10 sessions and extreme heated sentiment formations due to positive announcements from Indian Government.
 |
| Just click on chart for its enlarged view |
1- Wave-2 completion(4770.35 on 04-06-2012)
2- Sub Wave-1 gained 578.20 points(5348.55 on 10-07-2012)
3- Sub Wave-2(5032.40 on 26-07-2012)
4- Sub Wave-3 gained 782.95 points(5815.35 on 05-10-2012)
5- 44 Sessions sideways Sub Wave-4 correction between 5549-5815 with Bullish Flag formation.
6- Sub Wave-4 completion at 5548.35 on 20-11-2012)
7- Sub Wave-5 of Wave-3 continuation.
8- Last 10 sessions sideways trading between 5839-5962
Nifty-Micro Analysis of 10 Sessions Intra Day Chart
(Dec 17 to Dec 21,2012)
Nifty-Intra Day Chart (Dec 17 to Dec 21,2012):- |
| Just click on chart for its enlarged view |
1- Support between 5839-5860
2- Resistance between 5932-5962
3- 10 Sessions actual trading between 5839-5962
Conclusions (After Putting All Studies Together)
All trends are up and Sub Wave-5 of Wave-3 continuation after completion of 44 sessions Sub Wave-4 sideways correction between 5549-5815. Although 44 sessions trading range broken out forcefully on 29-11-2012 but market again turned sideways between 5839-5962 which is just above the top(5815) of Sub Wave-4 sideways trading range.
As Sub Wave-4 corrected with Bullish Flag formation therefore finally strong Sub Wave-5 rally will be seen but follow up consolidation is required to cross last 10 sessions higher levels resistances. As strong supports also developed at lower levels(above 5839) in last 10 sessions therefore expected that finally Sub Wave-5 rally will remain continued after follow up consolidation.
Indian markets are not prepared for any side decisive moves because development of both supports and resistances in last 10 sessions therefore Nifty will firstly trade as well as prepare for next moves between 5839-5962 in the coming week. Expected that finally Sub Wave-5 rally will remain continued after follow up consolidations but valid break out of last 10 sessions range(5839-5962) must be firstly watched for next moves confirmations because resistances development also in last 10 sessions and extreme heated sentiment formations due to positive announcements from Indian Government.