Technical Analysis,Research & Weekly Outlook
(Nov 25 to Nov 29,2013)
Nifty-EOD Chart (22-Nov-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)('ABC'Correction beginning after 17 Months Rally completion)
7- Wave-A(5566.25 on 24-06-2013)
8- Wave-B(6093.35 on 23-07-2013)
9- Wave-C(5118.85 on 28-08-2013)(Wave-1 beginning after'ABC'Correction completion)
10- Wave-1(6142.50 on 19-09-2013)
11- Wave-2(5700.95 on 01-10-2013)
12- Wave-3(Recent top formation at 6342.95 on 03-11-2013 and correction continuation)
Conclusions from EOD chart analysis
Although Wave-3 correction continuation but Wave-3 minimum target is at 6724.60,its calculation has already been updated in following topic link and expected that up moves will begin after fresh consolidation and on going correction completion in the coming week/weeks.
(Just click above topic link and understand the calculation of 6724.60)
Nifty-EOD Chart (22-Nov-2013):-
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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)
3- Wave-2(5700.95 on 01-10-2013)
4- Wave-3(Recent top formation at 6342.95 on 03-11-2013 and 'ABC'correction continuation)
5- Wave-A(5972.45 on 13-11-2013)
6- Wave-B(6212.40 on 19-11-2013)
7- Wave-C(Recent bottom formation at 5972.80 on 22-11-2013)
8- Falling Trend line support.
Conclusions from EOD chart analysis
corrective Wave-C of 'ABC' continuation and and its 100% correction of Wave-A can not be ruled out therefore this levels is being updated as follows:-
Wave-A lost 379.50 points=6342.95(Recent top)-5972.45(Wave-A bottom)
5841.90(100% correction level)=6212.40(Wave-B top)-379.50(100% of Wave-A)
Technically Wave-C of 'ABC' may correct up to 5841.90.
Nifty-Intra Day Chart (Nov 21 & Nov 22,2013):-
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1- Selling between 6045-6061 on 21-11-2013.
2- Follow up elling between 6028-6050 on 22-11-2013.
3- Down moves in Bullish Falling Channels in both sessions.
4- Up moves in Bearish Rising Channel on 22-11-2013.
5- Lower levels minor supports on 22-11-2013.
Conclusions from 2 Sessions intra day chart analysis
Although lower levels minor supports on 22-11-2013 and down moves in Bullish Falling Channels in both sessions but higher levels good selling in both previous sessions and up moves in Bearish Rising Channel also seen therefore both previous sessions are showing mixed patterns. As good selling at higher levels in both previous sessions and as such good consolidation not seen therefore possibility of some more down moves in the coming week and until Nifty will not sustain above 6061 till then next up moves will not be considered.
Conclusions (After Putting All Indicators Together)
Wave-C of 'ABC' correction continuation and complete consolidation with strong supports formation not seen yet therefore firstly some more down moves can not be ruled. Complete consolidation is required for correction completion and until it will not happen till then decisive up moves will not be seen.
"Immediate supports are at 5980 and immediate resistance is at 6061 therefore sustaining beyond 5980-6061 should be watched for correction continuation minimum up to 5841.90 after sustaining below 5980. As lower levels minor supports on 22-11-2013 therefore sustaining beyond it should be firstly watched in the beginning of next week for the mentioned length of on going correction.