Nifty-EOD Chart (08-Aug-2013):-
Technical Patterns and Formations in EOD charts
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 5486.85 on 07-08-2013
10 Long Term Trend turning down confirmations through Nifty sustaining below Long Term Trend decider 200-Day EMA(today at 5782)
Nifty-Intra Day Chart (Aug 07 & Aug 08,2013):-
Technical Patterns and Formations in last 2 Sessions intraday charts
1- Lower levels supports and consolidation patterns formations on 07-08-2013
2- Selling at higher levels on 07-08-2013
3- Last half hour down moves in Bullish Falling Channel.
4- Whole day up moves in Bearish Rising channel on 08-08-2013.
5- Selling at higher levels on 08-08-2013
3- 2 Sessions actual trading between 5486-5577
Conclusions from 2 Sessions intra day chart analysis
Short Term up moves but with complete mixed patterns formations in last 2 Sessions because lower levels supports and higher levels selling as well as both bullish and bearish patterns formations also therefore valid break out of last 2 sessions trading range(5486-5577) should be firstly watched in next week for next Short Term Trend trend confirmations.
Whole waves structure from 20-12-2011 with following conclusive lines were updated on 04-08-2013 in Technical Analysis,Research & Weekly Outlook(Aug 05 to Aug 08,2013):-
1- 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).
2- Firstly some up moves in the beginning of next week and finally down moves are expected because Wave-c continuation.
When 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 correction of whole rally between 4531.15-6229.45 was expected therefore following retracement levels 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
Next supports are as follows:-
1- Gap support between 5447.45-5526.95
2- 5210-5270
3- 5075-5140
4- 4779-4880
Corrective Wave-c continuation and all trends are down but indicators are oversold therefore Pull Back Rally/Short Term up moves possibility can not be ruled out. As some supports were also seen at lower levels in last 2 sessions of previous week therefore its possibility is still alive and complete selling patterns are required for sustaining below the lowest(5486.85) of on going correction. Although some selling was also seen in last 2 sessions of previous week but not sufficient and more selling is required for decisive down moves.
valid break out of last 2 sessions trading range(5486-5577) should be firstly watched in next week for next Short Term Trend trend confirmations and expected that finally correction will remain continued below 5486.85. Let market get support and complete consolidation develop on daily charts minimum then trend reversal will be considered and will be updated in the same manner as being done for the last more than 3 years.
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| 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 5486.85 on 07-08-2013
10 Long Term Trend turning down confirmations through Nifty sustaining below Long Term Trend decider 200-Day EMA(today at 5782)
Nifty-Intra Day Chart (Aug 07 & Aug 08,2013):-
 |
| Just click on chart for its enlarged view |
1- Lower levels supports and consolidation patterns formations on 07-08-2013
2- Selling at higher levels on 07-08-2013
3- Last half hour down moves in Bullish Falling Channel.
4- Whole day up moves in Bearish Rising channel on 08-08-2013.
5- Selling at higher levels on 08-08-2013
3- 2 Sessions actual trading between 5486-5577
Conclusions from 2 Sessions intra day chart analysis
Short Term up moves but with complete mixed patterns formations in last 2 Sessions because lower levels supports and higher levels selling as well as both bullish and bearish patterns formations also therefore valid break out of last 2 sessions trading range(5486-5577) should be firstly watched in next week for next Short Term Trend trend confirmations.
Conclusions (After Putting All Indicators Together)
Whole waves structure from 20-12-2011 with following conclusive lines were updated on 04-08-2013 in Technical Analysis,Research & Weekly Outlook(Aug 05 to Aug 08,2013):-
1- 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).
2- Firstly some up moves in the beginning of next week and finally down moves are expected because Wave-c continuation.
As was told on 04-08-2013 same happened and Nifty slipped 191 points in previous week and weekly closing was 112 points down as well as confirmation of Indian markets entering into Bear phase.
When 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.
Correction of whole rally between 4531.15-6229.45 was told 2 weeks before and that was seen also with bottom formation at 5486.85 on 07-08-2013.
As correction of whole rally between 4531.15-6229.45 was expected therefore following retracement levels 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
Next supports are as follows:-
1- Gap support between 5447.45-5526.95
2- 5210-5270
3- 5075-5140
4- 4779-4880
Corrective Wave-c continuation and all trends are down but indicators are oversold therefore Pull Back Rally/Short Term up moves possibility can not be ruled out. As some supports were also seen at lower levels in last 2 sessions of previous week therefore its possibility is still alive and complete selling patterns are required for sustaining below the lowest(5486.85) of on going correction. Although some selling was also seen in last 2 sessions of previous week but not sufficient and more selling is required for decisive down moves.
valid break out of last 2 sessions trading range(5486-5577) should be firstly watched in next week for next Short Term Trend trend confirmations and expected that finally correction will remain continued below 5486.85. Let market get support and complete consolidation develop on daily charts minimum then trend reversal will be considered and will be updated in the same manner as being done for the last more than 3 years.