Nifty-EOD Chart (23-Jan-2013):-
Technical Patterns and Formations in EOD charts
1- Wave-3 continuation(4770.35 on 04-06-2012)
2- Sub Wave-1(5348.55 on 10-07-2012)
3- Sub Wave-2(5032.40 on 26-07-2012)
4- Sub Wave-3(5815.35 on 05-10-2012)
5- Sub Wave-4(5548.35 on 20-11-2012)
6- Sub Wave-5 of Wave-3 is on.
Conclusions from EOD chart analysis
Wave-3 continuation begun from 4770.35 and now its Sub Wave-5 is contimued with above mentioned 2 Bearish formations as well as indicators are showing negative divergence also therefore Indian markets are mature for that correction which will correct;-
1- Minimum 38.2% of Whole Wave-3 up move from 4770.35.
2- Sub Wave-5 started from 5548.35 and it will be completely corrected.
Its detailed analysis have already been updated in following topics,Just click following topic link and understand the calculation of Wave-3 targets:-
Nifty-Intra Day Chart (23-Jan-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6052-6069
2- Support at 5021
3- Strong recovery in last half hour.
4- Whole day actual trading between 5021-6069
Conclusions from intra day chart analysis
High volatility through firstly selling and strong recovery in last half hour after getting support at 5021. Whole day trading within that most crucial range(5020-6068) about which we told many times on 23-01-2013 and reacted in following manner:-
"Expected that Nifty will firstly trade and prepare for next moves between 6020-6068"
Firstly just watch the accuracy of our levels that Nifty traded between 6021.15-6069.80 today
Short term correction was expected and it was seen also but as soon as we saw consolidation from last 1 hour intraday charts then we cover our all shorting positions,its live proof is that we posted our Put Option covering message at 02:48 PM
We covered NIFTY-Jan Put Option(6000) at Rs 28/- and that is now trading at Rs 16/-
Daily Charts are suggesting that Indian markets are at the verge of Big correction and market is preparing also for it through above mentioned formation of 2 Bearish formations near the top of on going rally. Immediate Resistance and supports are as follows:-
1- Resistances between 6068-6100
2- Supports between 6000-6020
As volatility remains high in selling markets therefore last half hour surge on 23-01-2013 will only mean Short term correction completion and any Bullish move will be considered only after completely sustaining above 6100. Although finally deeper correction will be seen in Intermediate term but market will firstly trade and prepare for next moves between 6000-6100 because strong resistances and supports within this range.
Under whatsoever Bullish or Bearish sentiment but Nifty will firstly trade between 6000-6100 in the coming session and prepare for next moves,its valid break out will give following conclusions:-
1- Above 6100 will mean slow up moves maxinun upto 6331.
2- Below 6000 will mean sharp down moves with deeper correction possibility.
 |
| Just click on chart for its enlarged view |
1- Wave-3 continuation(4770.35 on 04-06-2012)
2- Sub Wave-1(5348.55 on 10-07-2012)
3- Sub Wave-2(5032.40 on 26-07-2012)
4- Sub Wave-3(5815.35 on 05-10-2012)
5- Sub Wave-4(5548.35 on 20-11-2012)
6- Sub Wave-5 of Wave-3 is on.
Conclusions from EOD chart analysis
Wave-3 continuation begun from 4770.35 and now its Sub Wave-5 is contimued with above mentioned 2 Bearish formations as well as indicators are showing negative divergence also therefore Indian markets are mature for that correction which will correct;-
1- Minimum 38.2% of Whole Wave-3 up move from 4770.35.
2- Sub Wave-5 started from 5548.35 and it will be completely corrected.
Its detailed analysis have already been updated in following topics,Just click following topic link and understand the calculation of Wave-3 targets:-
Nifty-Intra Day Chart (23-Jan-2013):-
 |
| Just click on chart for its enlarged view |
1- Selling between 6052-6069
2- Support at 5021
3- Strong recovery in last half hour.
4- Whole day actual trading between 5021-6069
Conclusions from intra day chart analysis
High volatility through firstly selling and strong recovery in last half hour after getting support at 5021. Whole day trading within that most crucial range(5020-6068) about which we told many times on 23-01-2013 and reacted in following manner:-
"Expected that Nifty will firstly trade and prepare for next moves between 6020-6068"
Firstly just watch the accuracy of our levels that Nifty traded between 6021.15-6069.80 today
Short term correction was expected and it was seen also but as soon as we saw consolidation from last 1 hour intraday charts then we cover our all shorting positions,its live proof is that we posted our Put Option covering message at 02:48 PM
We covered NIFTY-Jan Put Option(6000) at Rs 28/- and that is now trading at Rs 16/-
6020 Was told many times today and Nifty reversed from 6021.15 and it is Short term correction completion strong indication.
Conclusions (After Putting All Studies Together)
Daily Charts are suggesting that Indian markets are at the verge of Big correction and market is preparing also for it through above mentioned formation of 2 Bearish formations near the top of on going rally. Immediate Resistance and supports are as follows:-
1- Resistances between 6068-6100
2- Supports between 6000-6020
As volatility remains high in selling markets therefore last half hour surge on 23-01-2013 will only mean Short term correction completion and any Bullish move will be considered only after completely sustaining above 6100. Although finally deeper correction will be seen in Intermediate term but market will firstly trade and prepare for next moves between 6000-6100 because strong resistances and supports within this range.
Under whatsoever Bullish or Bearish sentiment but Nifty will firstly trade between 6000-6100 in the coming session and prepare for next moves,its valid break out will give following conclusions:-
1- Above 6100 will mean slow up moves maxinun upto 6331.
2- Below 6000 will mean sharp down moves with deeper correction possibility.