Technical Analysis,Research & Weekly Outlook
(Mar 04 to Mar 08,2013)
Nifty-EOD Chart (01-Mar-2013):- |
| Just click on chart for its enlarged view |
1- 4770.35 on 04-06-2012(Corrective Wave-2 completion and impulsive Wave-3 beginning)
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(6111.80 on 29-01-2013)
7- 'ABC' correction after Sub Wave-5 completion.-
8- Wave-A(5853.90 on 15-02-2013)
9- Wave-B(5971.00 on 20-02-2013)
10- Wave-C continuation(5671.90 on 28-02-2013)
11- Correction after Bearish Head and Shoulders pattern formations in 61 sessions with Neckline at 5823
11- Strong Support at 5548.35.
12- 200 Day EMA-5650.
Conclusions from EOD chart analysis
Most Bearish Head and Shoulders pattern formations in 61 sessions and its neckline broken down confirmation through sustaining below 5823 in previous week. As Correction after Sub Wave-5 completion at 6111.80 therefore whole up moves will be corrected which started from 4770.35 on 04-06-2012 and firstly complete retracement of Sub Wave-5 which begun from 5548.35 can not be ruled. Although Long Term Trend decider 200 Day EMA is at 5650 but possibility of slipping below also. As strong support at 5548.35 therefore finally sustaining it beyond will decide Long Term Trend in the coming week.
Following Fibonacci Retracement Levels should be watched for completion of on going correction:-
13.0%- 5936 (Corrected)
23.6%- 5794 (Corrected)
27.0%- 5748 (Corrected)
38.2%- 5598 (Most crucial Levels)
50.0%- 5440 (Most crucial Levels)
61.8%- 5282 (Most crucial Levels)
70.7%- 5162
76.4%- 5086
78.6%- 5056
88.6%- 4922
Short Term Indicators are oversold therefore Pull Back Rally may be seen any day after some intraday or 1/2 days consolidations but complete consolidations are required for decisive up moves and crossing multiple resistances at higher levels.
Pre-open Outlook(04-03-2013)
Following conclusive line was told in Pre-Closing Outlook on 01-03-2013:-
"As intraday selling also at higher levels today therefore more down moves possibility is still alive"
As Nifty traded narrow between 5692-5739 last Friday with higher levels selling therefore more down moves possibility toward 5548 today,