Nifty-EOD Chart (28-Oct-2013):-
Technical Patterns and Formations in EOD charts
1- Bottom formation at 5118.85 on 28-08-2013 and Wave-1 beginning
2- Wave-1(6142.50 on 19-09-2013) completion and 'ABC' correction continuation.
3- Wave-2(5700.95 on 21-10-2013) completion and Wave-3 continuation.
4- Wave-3 recent top formation at 6252.45 on 18-10-2013.
5- Very short Term correction recent bottom formation at 6094.10 on 28-10-2013
6- 11 Sessions trading between 6032.55-6252.45
Conclusions from EOD chart analysis
Wave-3 continuation towards new all time high but now very short Term correction continuation.
Nifty-Intra Day Chart (28-Oct-2013):-
Technical Patterns and Formations in today intraday charts
1- Down moves in Bullish Falling Channel
2- Whole day actual trading between 6094-6165
Conclusions from intra day chart analysis
Although closing near the lower levels of the day after whole day continuous down moves but Down moves in Bullish Falling Channel therefore expected that Nifty will not sustain below today lower levels and will finally move up after on going correction completion.
Correction continuation and 11 Sessions trading between 6032.55-6252.45 with intraday consolidation patterns formations therefore expected that Nifty will not sustain below 11 Sessions lowest(6032.55) and finally impulsive Wave-3 will remain continued towards 6724.60 despite whatsoever RBI Credit policy on 29-10-2013 and FOMC declarations on 30-10-2013 night.
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| Just click on chart for its enlarged view |
1- Bottom formation at 5118.85 on 28-08-2013 and Wave-1 beginning
2- Wave-1(6142.50 on 19-09-2013) completion and 'ABC' correction continuation.
3- Wave-2(5700.95 on 21-10-2013) completion and Wave-3 continuation.
4- Wave-3 recent top formation at 6252.45 on 18-10-2013.
5- Very short Term correction recent bottom formation at 6094.10 on 28-10-2013
6- 11 Sessions trading between 6032.55-6252.45
Conclusions from EOD chart analysis
Wave-3 continuation towards new all time high but now very short Term correction continuation.
Nifty-Intra Day Chart (28-Oct-2013):-
 |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Whole day actual trading between 6094-6165
Conclusions from intra day chart analysis
Although closing near the lower levels of the day after whole day continuous down moves but Down moves in Bullish Falling Channel therefore expected that Nifty will not sustain below today lower levels and will finally move up after on going correction completion.
Conclusions (After Putting All Indicators Together)
Correction continuation and 11 Sessions trading between 6032.55-6252.45 with intraday consolidation patterns formations therefore expected that Nifty will not sustain below 11 Sessions lowest(6032.55) and finally impulsive Wave-3 will remain continued towards 6724.60 despite whatsoever RBI Credit policy on 29-10-2013 and FOMC declarations on 30-10-2013 night.