Technical Analysis and Market Outlook
(04-04-2013)
Nifty-EOD Chart (03-Apr-2013):- |
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1- 4531.15 on 20-12-2011(Wave-3 beginning after 13 Months Wave-2 correction completion)
2- Wave 1(5629.95 on 22-02-2012)
3- Wave 2(4770.35 on 04-06-2012)
4- Wave 3(6111.80 on 29-01-2013)
5- Wave 4 correction continuation and bottom formation at 5604.85 on 28-03-2012
6- 200 Day EMA at 5673 on 03-04-2012
7- 200 Day DMA at 5637 on 03-04-2012
Nifty-Intra Day Chart (Mar 25 to Apr 03,2013):-
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1- Consolidation between 5606-5645
2- Selling between 5720-5754
3- 6 Sessions actual trading between 5606-5754
Conclusions (After Putting All Studies Together)
As Per Elliot Wave Theory:-
The bottom of Wave-4 should not dip below the top of Wave 1,at least on a closing basis.
Top of Wave 1 is at 5629.95 and Nifty slipped below it in previous week but not closed below it and 5 sessions traded between Long Term Trend decider 200 Day DMA and EMA as well. As not closing below 5629.95 and rally also above both Long Term Trends deciders on 28-03-2013 therefore strong indication of on going Waves structure survival. It means that beginning of Wave 5 to trade above the top of rally((6111.80) and also the possibility new all time high formation above 6357.10 but good selling seen in last 2 sessions therefore Wave 5 formation confirmation is firstly required through crossing next resistance(5754).
Good selling at higher levels but lower levels strong supports also in last 6 sessions therefore Nifty will firstly trade between 6 Sessions actual trading range(5606-5754) and prepare for next trend in the coming sessions.
Pre-open Outlook(04-04-2013)
Sentiment is weak today morning after big down moves in all the Global markets during last 12 hours therefore gap down opening will be seen in Indian markets and Nifty may test next support range(5606-5645). It is confirm that Long Term Trend and Waves structure is again at stake after global markets crash today and it will be decided through finally sustaining beyond 5629.95. Although again slipping below 5629.95 can not be ruled out if negative news flow remain continued but sustaining it beyond should be firstly watched in the coming sessions.
6 Sessions actual trading between 5606-5754 and Nifty will prepare for next trend within this range in the coming sessions therefore valid break out of this range will give confirmation to next big moves. Follow up moves and intraday charts patterns formations within 5606-5754 will give first indication of next big trend formation,let it develop then will be updated accordingly in the next Outlooks as being done for the last 3 years as well as done again in last 2 days. Just click following Topic Link and verify on yours own live proofs of our accuracy:-