Technical Analysis,Research & Weekly Outlook
(Feb 18 to Feb 22,2013)
Correction is continued and its detailed analysis has already been updated in following Weekly Outlook topic on 09-02-2013
Following conclusive lines were posted in above topic:-
As strong supports(5823)are lying near 50 %(5829) retracement levels therefore high possibility of correction completion and up moves beginning from near about these levels and will be certainly considered if intraday charts will start to show consolidations there. Expected that consolidation will start near about 5823 or above it in next week and Pre-Budget Rally will commence after on going correction completion.
Correction continuation in previous week with lower weekly closing at 5853.90 but lower levels consolidation was also seen on 15-02-2013 therefore its intraday charts will be firstly understood:-
Nifty-Intra Day Chart (15-Feb-2013):-
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| Just click on chart for its enlarged view |
1- Consolidation Patterns between 5854-5872
2- Slipping from intraday higher levels after Bearish Rising Wedge formation in last 1 hour.
3- Whole day actual trading between 5854-5897
Conclusions (After Putting All Studies Together)
Although higher levels Bearish Rising Wedge formation and slipping form intraday higher levels but consolidation patterns formations also between 5854-5872 on 15-02-2013 therefore sustaining beyond 5854-5897 should be firstly watched in the beginning of next week for next trend first indication,
Strong supports above 5823 and complete selling pattern are also required for sustaining below 5823 but multiple resistances also between 5908-6111 after higher levels good selling in previous weeks therefore Indian markets are not prepared and complete preparation is required for any side decisive moves. Although good supports are above 5823 but more slipping toward 5823 can not ruled out during consolidation process also therefore next deeper down moves will be considered only after sustaining below 5823.
Expected that Nifty will be firstly range bound between 5854-5897 and after that will prepare for next moves between 5823-5908. Sideways market is firstly expected in the coming sessions and above mentioned both ranges should be firstly watched for next moves confirmations. Let market prepare for next trend and intraday charts start to show formation then will be updated accordingly during trading hours in the same manner as being done for the last 3 years.
Firstly sideways quiet market preparation before Blasting moves after Union Budget-2013