Nifty-EOD Chart (29-Nov-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)
3- Wave-2(5700.95 on 01-10-2013)
4- Wave-3(6342.95 on 03-11-2013 and 'ABC' correction beginning)
5- Wave-A(5972.45 on 13-11-2013)
6- Wave-B(6212.40 on 19-11-2013)
7- Wave-C(5972.80 on 22-11-2013)
8- Double bottom support at 5972 and 'ABC' correction completion.
Conclusions from EOD chart analysis
Wave-3 continuation after 'ABC' correction completion and recent top formation at 6182.50 on 29-11-2013
Nifty-Intra Day Chart (29-Nov-2013):-
Technical Patterns and Formations in today intraday charts
1- More than 1% recovery within first 20 minutes.
2- More than 6 hours trading between 6158-6182.
Conclusions from intra day chart analysis
More than 1% recovery within first 20 minutes after positive opening and after that more than 6 hours range bound trading between 6158-6182 are strong indication of rally continuation because much higher levels trading without selling patterns formations and it will be strong indication of consolidation.
All trends are up and Wave-3 continuation after 'ABC' correction completion and its 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 in the coming week / weeks.
Next strong resistance are between 6186-6212 and Nifty traded more than 6 hours with strong indication of consolidation just below it between 6158-6182 on 29-11-2013 therefore high possibility of on going rally continuation. As next resistances are strong therefore follow up consolidation is firstly required in the beginning of next week and once sustaining above 6212 will mean fast rally and new all time high formation in next week / weeks.
For immediate next moves confirmations sustaining beyond 6158-6212 should be firstly watched in the beginning of coming week and once sustaining above 6212 will mean rally continuation towards recent top at 6342.95 and such up moves are expected also in the coming sessions and weeks.
 |
| 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(6342.95 on 03-11-2013 and 'ABC' correction beginning)
5- Wave-A(5972.45 on 13-11-2013)
6- Wave-B(6212.40 on 19-11-2013)
7- Wave-C(5972.80 on 22-11-2013)
8- Double bottom support at 5972 and 'ABC' correction completion.
Conclusions from EOD chart analysis
Wave-3 continuation after 'ABC' correction completion and recent top formation at 6182.50 on 29-11-2013
Nifty-Intra Day Chart (29-Nov-2013):-
 |
| Just click on chart for its enlarged view |
1- More than 1% recovery within first 20 minutes.
2- More than 6 hours trading between 6158-6182.
Conclusions from intra day chart analysis
More than 1% recovery within first 20 minutes after positive opening and after that more than 6 hours range bound trading between 6158-6182 are strong indication of rally continuation because much higher levels trading without selling patterns formations and it will be strong indication of consolidation.
Conclusions (After Putting All Indicators Together)
All trends are up and Wave-3 continuation after 'ABC' correction completion and its 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 in the coming week / weeks.
Next strong resistance are between 6186-6212 and Nifty traded more than 6 hours with strong indication of consolidation just below it between 6158-6182 on 29-11-2013 therefore high possibility of on going rally continuation. As next resistances are strong therefore follow up consolidation is firstly required in the beginning of next week and once sustaining above 6212 will mean fast rally and new all time high formation in next week / weeks.
For immediate next moves confirmations sustaining beyond 6158-6212 should be firstly watched in the beginning of coming week and once sustaining above 6212 will mean rally continuation towards recent top at 6342.95 and such up moves are expected also in the coming sessions and weeks.