Technical Analysis,Research & Weekly Outlook
(Feb 04 to Feb 08,2013)
Nifty-Intra Day Chart (Jan 15 to Feb 01,2013):- |
| Just click on chart for its enlarged view |
1- Support between 5989-6033
2- Resistance between 6050-6111
3- 14 Sessions actual trading between 5989-6111
Conclusions from 14 Sessions intra day chart analysis
14 Sessions lowest closing last Friday after good selling at higher levels and breaking down of above mentioned supports therefore more down moves can not be ruled out.
Nifty-Intra Day Chart (01-Feb-2013):-
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| Just click on chart for its enlarged view |
1- Whole day down moves in Bullish Falling channel
2- Whole day actual trading between 5989-6052
Conclusions from intra day chart analysis
Whole day down moves but in Bullish Falling channel and 14 sessions lowest broken down as well.
Conclusions (After Putting All Studies Together)
Detailed analysis with EOD charts have already be updated on 26-01-2013 in following topic:
Correction On 29th Jan or From 1st Week of Feb 2013
Just click above topic link and understand Short Term Outlook.
Correction was clearly told on 26-01-2013 and Nifty closed at weekly lowest as well as 14 Sessions lowest formation on 01-02-2013. As last Friday down moves showed Bullish Falling channel formation therefore firstly requiring confirmations through sustaining beyond psychological level of 6000 in the beginning of next week.
Sustaining below 6000 will mean deeper correction because Bearish patterns formation in Daily charts and sustaining above 6000 will mean some up moves but strong resistances above 6050 and complete consolidation is required for any sustained move above 6050/6111.
Market Outlook(04-02-2013)
As US markets closed with good gains last Friday and Asian markets may also react positive therefore Green zone trading possibility can not be ruled out in Indian markets on 04-02-2013. Correction is very much due and only it has to be watched that it will start within next 1/2 sessions or after passing some more time above 6000 and follow up buying/selling in next couple of sessions will reply this possibility.
Expected that Nifty will firstly trade between 5989-6050 and this range valid break out will finally show following moves:-
1- Below 5989 will mean deeper correction
2- Above 6050 will mean slow up moves up to 6111 and any rally will be possibile only after complete confirmation of sustaining above 6111 but maximum up to 6239.95/6331.
Market is well prepared for deeper correction but sustaining beyond 6000 should also be firstly watched in the beginning of next week for immedite moves confirmations.