Technical Analysis and Market Outlook
(20-03-2013)
Nifty-Intra Day Chart (19-Mar-2013):- |
| Just click on chart for its enlarged view |
1- First 2 hours trading between 5805-5852
2- Sharp fall after the news of DMK supports withdrawing from UPA Govt.
3- Last 4 hours trading between 5731-5777
3- Whole day actual trading between 5731-5852
Conclusions from intra day chart analysis
Down moves continuation after Wave-5 completion after 61 Sessions sideways trading between 5823-6111 with Bearish Head and Shoulders pattern formations and its Neckline(5823) broken down on 26-02-2013 therefore Intermediate and Short term trends are down. Long Term trend is still up but multiple resistances at higher levels and no sign of consolidation yet therefore more slipping and testing of 200-Day EMA(5672) is very much possible in the coming sessions and sustaining it beyond will decide the fate of Long Term Trend.
Just Click following link for detailed analysis of EOD and EOD Charts which was posted on 18-03-2013:-
It was news based market yesterday because first 2 hours trading was under the shadow of expectations from RBI Credit Policy and last 4 hours trading was full of confusions due to various types of news flow after the news of DMK supports withdrawing from UPA Govt. As yesterday trading was under mixed sentiments therefore firstly next immediate move confirmation will be after valid break out of 5731-5777. As Short term indicators are oversold therefore Pull Back rally may be seen any time but until complete consolidation will not happen till then any sustained rally will not be seen and finally more down moves and testing of 5672 is expected.