Technical Analysis,Research & Weekly Outlook
(Feb 11 to Feb 15,2013)
Nifty-EOD Chart (08-Feb-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 continuation(4770.35 on 04-06-2012)
5- Sub Wave-1 gained 578.20 points(5348.55 on 10-07-2012)
6- Sub Wave-2(5032.40 on 26-07-2012)
7- Sub Wave-3 gained 782.95 points(5815.35 on 05-10-2012)
8- Sub Wave-4(5548.35 on 20-11-2012)
9- Sub Wave-5(6111.80 on 29-01-2013)
Conclusions from EOD chart analysis
Correction continuation after Sub Wave-5 completion and its recent bottom formation at 5883.65 on 08-02-2013. Sub-Wave-5 started from 5548 and completed at 6111 and its Fibonacci retracement levels are as follows:-
38.2%- 5895
50.0%- 5829
61.8%- 5763
38.2%(5895) retracement has been completed on 08-02-2013 but closing was above it at 5903.50 and slipping below it will mean testing possibility of next support at 5823 as well as next retracement level at 5829.
As strong supports(5823)are lying near 50 %(5829) retracement levels therefore high possibility of correction completion and up moves beginning from near about these levels and will be certainly considered if intraday charts will start to show consolidations there. Expected that consolidation will start near about 5823 or above it in next week and Pre-Budget Rally will commence after on going correction completion.
