Firm Grip of Bears on Indian Markets
Nifty-EOD Chart (27-Aug-2013):- |
| Just click on chart for its enlarged view |
1- 4531.15 on 20-12-2011(Rally beginning after 13 Months 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(5477.20 on 10-04-2012)
6- Wave-5(6229.45 on 20-05-2013) and 'ABC' correction continuation.
7- Wave-A(5566.25 on 24-06-2013)
8- Wave-B(6093.35 on 23-07-2013)
9- Wave-C continuation with bottom formation at 5274.25 on 27-08-2013
Conclusions from EOD chart analysis
Indian markets are in deep Bear phase today but When Long Term Trend was up and previous closing of Nifty was at 5886.20 on 26-07-2013 then following line was told on 29-07-2013 in Last hope for Bulls at 5792:-
As 'ABC' correction begun after 5 waves of Bullish market completion at 6229.45 on 20-05-2013 therefore correction of whole up moves will be seen which started from 4531.15 on 20-12-2011
As was told same happened and 50% retracement of rally between 4531.15-6229.45 has been completed,Retracement levels of mentioned range are being repeated which were updated on 31-07-2013 in Technical Analysis and Market Outlook(31-07-2013):-
13.0%-6008
23.6%-5828
27.0%-5770
38.2%-5580
50.0%-5380
61.8%-5179
70.7%-5028
76.4%-4931
78.6%-4894
88.6%-4724
Above lines were reminded many times in previous Outlooks and following lines with supports levels upto 4779 were updated on 19-08-2013 in Huge Bearish Pattern formation in last 11 months because deeper correction was expected:-
As we don't want to create panic through updating next expected levels after sustaining below 5447 therefore only giving next following support levels upto 4779:-
1- 5210-5270
2- 5075-5140
3- 4779-4880
Whatsoever crashing like deeper down moves were seen yesterday those were already updated well in advance in all the Outlooks of previous sessions. Support was seen near and between above mentioned 1st support range(5210-5270) in last 5 sessions and firstly sustaining it beyond should be watched today for bounce back after yesterday sharp down or immediate more down moves below 5210.
As Indian Markets are in the firm Grip of Bears and now Bearish market is very much on as well as its continuation is very much expected in the coming sessions,months and may be years also therefore following lines are being repeated which were told on 19-08-2013 in Huge Bearish Pattern formation in last 11 months:-
It is confirm that Indian markets are in Bear phase and Economic Outlook is also gloomy in the next months as well as political uncertainty can not be ruled out after next General Elections therefore Indian markets will remain in the grip of Bears. Pull Back and Relief rallies will be seen after regular intervals after intraday or 1/2 day consolidations but until complete consolidation will not complete on Intraday,EOD and Weekly charts till then Long Term Trend will not reverse.
Pre-open Outlook(28-08-2013)
Sentiment is most depressed after after yesterday sharp fall and deep Red all Global markets therefore gap down opening will be seen in Indian markets and testing of above mentioned 2nd support range(5075-5140) can not be ruled out in the coming sessions.
Which Website predicted so clearly Bearish Markets in whole India except