Technical Analysis,Research & Weekly Outlook
(Jul 22 to Jul 26,2013)
Nifty-EOD Chart (19-Jul-2013) |
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Conclusions from Daily Indicators and Averages Analysis
Averages(EMA-8,21,55,200)- Averages are as follows:
8 Day EMA is at- 5973
21 Day EMA is at- 5904
55 Day EMA is at- 5881
200 Day EMA is at- 5783
Indicators Analysis:
1- Bollinger Band- Nifty is trading just below Upper Band and indicating correction beginning possibility.
2- Slow Stochastic- in Overbought zone and indicating correction beginning possibility.
3- MACD- MACD is above average line and moving upward in positive zone but 27.2 points divergence in both lines therefore showing an indication of correction also.
4- ROC and RSI- Both lines are just below overbought zone but showing negative divergence therefore indicating correction beginning possibility.
Nifty-Intra Day Chart (19-Jul-2013):-
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1- Selling between 6049-6062
2- Whole day actual trading between 6022-6062
Conclusions from intra day chart analysis
Whole day sideways 40 points trading between 40 points with higher levels good selling and down moves indications from intraday charts.
Conclusions (After Putting All Indicators Together)
Following line was told on 15-07-2013 in Technical Analysis,Research & Weekly Outlook(Jul 15 to Jul 19,2013)
firstly trading patterns between mentioned crucial retracement levels(5975-6072) should be watched in the coming sessions.
Following resistance ranges were updated on 19-07-2013 in Technical Analysis and Market Outlook(19-07-2013)
Next resistances are as follows:-
1- 6040-6061
2- 6072-6130(Strong resistance range)
Just click above given both topic links also and understand Long Term to Short Term Waves structure and crucial levels.
Nifty slipped below 5975 after negative news from RBI and could not sustain below 5975 but no up moves above 6072 also as well as traded whole previous week within 5911-6067 with lower levels supports and higher levels selling therefore next trend decider range is finalised between 5911-6072 and should be firstly watched for next trend confirmations in the coming week.
All trends are up but indicators are showing that Indian markets are on the verge of correction beginning. Although complete selling patterns are required on intraday and Daily charts for the beginning of correction and decisive down moves but also expected that Indian markets will finally move down after follow up selling in next week.
As selling between 6049-6062 last Friday therefore until Nifty will not sustain above 6062 till then next up trend will not be considered and sustaining beyond 5911-6072 should be firstly for next trend confirmations in next week.