Nifty-EOD Chart (13-Aug-2013):-
Technical Patterns and Formations in EOD charts
1- Wave-5(6229.45 on 20-05-2013) and 'ABC' correction continuation.
2- Wave-A(5566.25 on 24-06-2013)
3- Wave-B(6093.35 on 23-07-2013)
4- Wave-C(5486.85 on 07-08-2013)
5- Long Term Trend turning down confirmations through Nifty sustaining below Long Term Trend decider 200-Day EMA(today at 5779)
6- Pull Back Rally continuation and its recent high formations at 5704.75 on 13-08-2013
Conclusions from EOD chart analysis
Pull Back Rally continuation after Wave-C completion at 5486.85 and its recent high formations at 5704.75 today. Retracement levels of Wave-C are as follows and these levels will decide the length of on going Pull back rally:-
23.6%- 5629
38.2%- 5717
50.0%- 5789
61.8%- 5861
76.4%- 5949
Next resistances are as follows:-
1-5680-5720
2-5740-5765
Nifty-Intra Day Chart (13-Aug-2013):-
Technical Patterns and Formations in today intraday charts
1- Whole day continuous slow up moves in Bearish Rising Channel.
2- Whole day actual trading between 5601-5704
Conclusions from intra day chart analysis
As Pull Back Rally continuation and whole day continuous slow up moves in Bearish Rising Channel therefore sustaining above today higher levels is firstly required for on going rally further continuation confirmations.
Long and Intermediate Term Trends are down and Short Term Trend turned up after Pull Back Rally continuation. 38.2%(5717) Retracement has been almost completed after rally top formation at 5704.75 today. 50.0% Retracement level is at 5789 and following crucial levels are near about it:-
1- Long Term Trend decider 200-Day EMA(today at 5779)
2- Next resistance range 5740-5765
At present only Pull Back Rally is being considered and being expected that it will fuse between 5704-5789 because resistances at higher levels and today up moves were strong Global cues led as well as whole day up moves were in Bearish Rising Channel today.
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| Just click on chart for its enlarged view |
1- Wave-5(6229.45 on 20-05-2013) and 'ABC' correction continuation.
2- Wave-A(5566.25 on 24-06-2013)
3- Wave-B(6093.35 on 23-07-2013)
4- Wave-C(5486.85 on 07-08-2013)
5- Long Term Trend turning down confirmations through Nifty sustaining below Long Term Trend decider 200-Day EMA(today at 5779)
6- Pull Back Rally continuation and its recent high formations at 5704.75 on 13-08-2013
Conclusions from EOD chart analysis
Pull Back Rally continuation after Wave-C completion at 5486.85 and its recent high formations at 5704.75 today. Retracement levels of Wave-C are as follows and these levels will decide the length of on going Pull back rally:-
23.6%- 5629
38.2%- 5717
50.0%- 5789
61.8%- 5861
76.4%- 5949
Next resistances are as follows:-
1-5680-5720
2-5740-5765
Nifty-Intra Day Chart (13-Aug-2013):-
 |
| Just click on chart for its enlarged view |
1- Whole day continuous slow up moves in Bearish Rising Channel.
2- Whole day actual trading between 5601-5704
Conclusions from intra day chart analysis
As Pull Back Rally continuation and whole day continuous slow up moves in Bearish Rising Channel therefore sustaining above today higher levels is firstly required for on going rally further continuation confirmations.
Conclusions (After Putting All Indicators Together)
Long and Intermediate Term Trends are down and Short Term Trend turned up after Pull Back Rally continuation. 38.2%(5717) Retracement has been almost completed after rally top formation at 5704.75 today. 50.0% Retracement level is at 5789 and following crucial levels are near about it:-
1- Long Term Trend decider 200-Day EMA(today at 5779)
2- Next resistance range 5740-5765
At present only Pull Back Rally is being considered and being expected that it will fuse between 5704-5789 because resistances at higher levels and today up moves were strong Global cues led as well as whole day up moves were in Bearish Rising Channel today.
As sentiment turned strong therefore some up moves can not be ruled out but expected that Nifty will not be able to cross next resistance range(5740-5765) and fresh down moves will begin after development of follow up selling in the coming sessions.