Technical Analysis,Research & Weekly Outlook
(Jan 21 to Jan 25,2013)
Nifty-Intra Day Chart (18-Jan-2013):- |
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1- Selling between 6068-6082
2- Whole day down moves in Bullish Falling Channel.
3- Whole day actual trading between 6048-6082
Conclusions from intra day chart analysis
Although whole day down moves in Bullish falling channel but good selling seen therefore view will not be Bullish despite Green closing and whole day trading patterns are suggesting that finally market should move down below the lowest of the day(6048)
Nifty-Intra Day Chart (Jan 02 to Jan 18,2013):-
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1- Selling between 6000-6026
2- Consolidation between 5940-5970
3- consolidation between 6001-6017 on 17-01-2013
4- Selling between 6040-6052 on 17-01-2013
5- Selling between 6068-6082 on 18-01-2013
6- 13 Sessions actual trading between 5940-6082
Conclusions from 13 Sessions intra day chart analysis
Firstly 9 sessions trading between 5940-6026 Consolidation at lower levels but equally good selling also at higher levels also and range broken out on 15-01-2013 but slipped again below 6026 after higher levels selling on 16-01-2013. Although 9 sessions trading range broken out on 17-01-2013 but again selling seen on 18-01-2013.
Conclusions (After Putting All Studies Together)
Broader trends have already been updated in following topics in previous week and no significant change in technical till now therefore not being repeated. Just click following links and understand long term trend,Indicators analysis,next correction possibilities and Waves structure:-
Market Cautious after Indo-Pak Cross Border Firing
Technical Analysis and Market Outlook(16-01-2013)
As above expectations RIL Quarterly results declaration after trading hours on 18-01-2013 therefore positive opening will be seen on 21-01-2013 but expected that Nifty will not sustain at higher levels.
9 sessions trading range(5940-6026) broken out but lacking required force and selling development at higher levels therefore expected that Nifty will reverse into 9 sessions trading range and again prepare for next decisive trend in the coming week. Valid break out of 5940-6082 will give following conclusions:-
1- Below 5940 will mean Intermediate term corrcetion.
2- Above 6082 will mean up moves toward maximum up to 6331.