Rally toward 6239.95 after support at 5965
Nifty-EOD Chart (04-Jan-2013):-
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1- Sub Wave-4 completion(5548.35 on 20-11-2012).
2- Sub Wave-5 of Wave-3 continuation.
3- Sub Wave-1 of Sub Wave-5(5965.15 on 11-12-2012)
4- Sub Wave-1 of Sub Wave-5 gained 416.80 points.
5- Sub Wave-2 of Sub Wave-5(5823.15 on 18-12-2012).
6- Sub Wave-3 of Sub Wave-5 is on.
Conclusions from EOD chart analysis
As per Elliot Wave theory Wave-3 of any degree should never be shorter than both Wave-1 and Sub Wave-5 of that degree. Sub Wave-1 gained 416.80 points and as per theory Sub Wave-3 will gain minimum 416.80 points which started from 5823.15 and its minimum target will be:-
5823.15+416.80=6239.95
Nifty-Intra Day Chart (08-Jan-2013):-
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1- Consolidation between 5965-5974.
2- Bounce back after lower levels consolidations.
3- Whole day actual trading between 5965-6006.
Conclusions from intra day chart analysis
When Nifty was trading near 5965 and all the Global market were in Red then we told following lines today at 12:25 PM in Mid-session Outlook(08-01-2013):-
we are expecting support getting and rally beginning after yesterday started correction completion near 5965.
Bounce back after consolidation between 5965-5974 was seen today and importance of 5965 was updated in following topic yesterday:-
Technical positions of last 4 Sessions have already been updated in intraday chart of above mentioned topic and it is clear that good selling and resistance development between 6000-6026 in last 4 sessions and firstly requirement of complete consolidation in the coming sessions for decisive rally above 6026.
Good support at 5965 today and expected that finally on going rally will remain continued toward above mentioned target of 6239.95.