Technical Analysis,Research & Weekly Outlook
(Aug 05 to Aug 08,2013)
Nifty-EOD Chart (02-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 5649.00 on 02-08-2013
10 Nifty slipped below Long Term Trend decider 200-Day EMA(today at 5790)
Conclusions from EOD chart analysis
Intermediate and Short Term Trends are down and and almost confirmation of Long Term Trend turning down after after last 4 sessions closing below Long Term Trend decider 200-Day EMA(today at 5790),once confirmation will mean entering into Bear phase.
Nifty-Intra Day Chart (02-Aug-2013):-
 |
| Just click on chart for its enlarged view |
1- Whole day down moves within Bullish Falling Channel.
2- Whole day actual trading between 5649-5745
Conclusions from intra day chart analysis
As whole day down moves within Bullish Falling Channel therefore indications of up moves despite 0.87% negative closing last Friday.
Conclusions (After Putting All Indicators Together)
Wave-c continuation and Indian markets are on the verge entering into Bear phase through confirmation of sustaining below Long Term Trend decider 200-Day EMA(today at 5790). As last 8 sessions continuous down moves therefore Short Term indicators have move into oversold zone and signalling some up moves/ bounce Back/Pull Back Rally as well as its possibility is alive because Bullish Falling Channel last Friday.
Firstly some up moves in the beginning of next week and finally down moves are expected because Wave-c continuation.