Technical Analysis,Research & Weekly Outlook
(Jun 10 to Jun 14,2013)
Nifty-EOD Chart (07-Jun-2013):- |
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1- 4531.15 on 20-12-2011(Wave-i of Wave-5 beginning)
2- Wave-i(5629.95 on 22-02-2012)
3- Wave-ii(4770.35 on 04-06-2012)
4- Wave-iii(6111.80 on 29-01-2013)
5- Wave-iv(5477.20 on 10-04-2013)
6- Wave-v of Wave-5(recent top formation at 6229.45 on 20-05-2013)
7- Corrective Wave-C of 'ABC' correction continuation.
Conclusions from EOD chart analysis
Corrective Wave-C of corrective 'ABC' continuation after Impulsive Wave-B completion at 6133.75 on 30-05-2013. Corrective Wave-A retraced 292.65 points and its almost 100% retracement is possible therefore on going Wave-C may retrace up to:-
5841.10(6133.75-292.65).
Wave-C recent bottom formations at 5869.50 on 06-06-2013 and Nifty closed near about it at 5881.00 on 07-06-2013. As last Friday closing near the near the bottom of on going correction and next supports are between 5860-5900 as well as 100% retracement level is at 5841.10 therefore next support range is 5841-5900.
Detailed Analysis on on going ABC' correction
Nifty-EOD Chart (07-Jun-2013):-
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1- Wave-iv(5477.20 on 10-04-2013)
2- Wave-v of Wave-5(6229.45 on 20-05-2013)
3- Bearish Head & Shoulders formation in last 20 sessions and its Neckline(6970) broken down on 03-06-2013.
Conclusions from EOD chart analysis
Bearish Head & Shoulders formation and its Neckline(6970) broken down as well as 5 sessions closing below it therefore almost its confirmation and opening the doors of deeper correction.
Nifty-Intra Day Chart (Jun 03 to Jun 07,2013):-
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1- Bearish Head & Shoulders and its Neckline(6970) broken down on 03-06-2013
2- 7 times multiple selling at higher levels in last 5 Sessions.
3- 4 times multiple supports at lower levels in last 5 Sessions.
3- 5 Sessions actual trading between 5870-6011.
Conclusions from 5 Sessions intra day chart analysis
Although lower levels supports but higher levels good selling also in last 5 sessions and closing near lower levels because huge selling on 07-06-2013 after breaking down of all supports therefore expectations of more down moves.
Nifty-Intra Day Chart (07-Jun-2013):-
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1- consolidation between 5900-5917
2- Bearish Rising Wedge formations near the top of day.
3- Good selling between 5955-5972
4- Follow up selling between 5917-5945
5- Whole day actual trading between 5871-5972
Conclusions from intra day chart analysis
Firstly consolidation but Bearish Rising Wedge formations near the top of day and after that that Good selling in last 3 hours as well as closing near the lows of the day and it is strong indication of weakness.
Conclusions (After Putting All Studies Together)
'ABC' correction is on and deepr correction possibility after Neckline broken down confirmations of Bearish Head & Shoulders pattern. Although good selling at higher levels in previous week but next supports are between 5860-5900 and Nifty closed between this range in previous week therefore this range is last hope for Bulls and once valid break down below 5860 will mean steep fall.
Technical Analysis and Market Outlook(10-06-2013)
Although Indian markets closed at the lowest of the day but US markets closed with good gains last Friday therefore firstly positive zone trading is expected in the beginning of next week but expected that following resistance ranges will not be crossed under whatsoever Bullish sentiments:-
1- 5917-5945
2- 5955-5972
3- 5960-5981
Expected that follow up selling will develop in the coming sessions and high possibility of slipping below next broader support range 5841-5900 in next 2/3 sessions because broken down confirmations of Bearish Head & Shoulders pattern in previous week.