Nifty-EOD Chart (17-Jan-2014):-
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-i of Wave-3(6342.95 on 03-11-2013)
5- Wave-ii of Wave-3(5972.45 on 13-11-2013)
6- Wave-iii of Wave-3(6415.25 on 09-12-2013)
7- Wave-iv of Wave-3(6129.95 on 18-12-2013)
8- Wave-v of Wave-3 with descending triangle pattern formation in last 22 sessions between 6130-6415.
Conclusions from EOD chart analysis
Wave-v of Wave-3 is on for next rally above all time high but this Wave has not shown required strength and turned range bound because next Union Govt. stability after Parliamentary Elections has turned at stake due to the possibility of BJP votes cutting by Aam Admi Party and resultant expectations of weaker Government formations after Union Elections-2014.
Nifty-Intra Day Chart (17-Jan-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 8320-6338
2- Fast down
3- Down moves in Bullish Falling Channel
4- Support between 6286-6391
5- Up moves in Bearish Rising Channel
6- Steep Fall
7- Last more than trading with mixed trading patterns between 6247-6272
8- Whole day actual trading between 6247-6338
(All levels are Jan Fut)
Conclusions from intra day chart analysis
Almost 6 hours down moves with higher levels good selling and minor consolidation as well as closing near the lower levels of the day therefore emergence of deeper correction possibility. As last more than 2 hours trading with mixed trading patterns between 6247-6272 therefore sustaining it beyond should be firstly watched for the confirmation of deeper correction possibility.
Long Term trend is up,Short Term trend is down and Intermediate Term Trend is sideways for the last 22 sessions between 6130-6415 with descending triangle pattern formation and valid break out of this range will decide next big trend. As higher levels selling in last 2 sessions therefore until Nifty will not sustain above previous week highest(6346) till then next up moves will not be considered. Although markets recovered from lower levels in previous week but on the back of above expectations quarterly results and intraday selling was seen within 6165-6235 between 06-01-2014-10-01-0=2014 also therefore if follow up selling develop in the beginning of next week then sharp fall will be seen therefore complete consolidation is firstly required for any rally.
As 22 sessions range bound market between 6130-6415 with descending triangle pattern therefore Nifty has to prepare for next trend and decisive moves within it and firstly sustaining beyond mentioned triangle and after that finally mentioned range should be watched for next next big trend confirmations.
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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-i of Wave-3(6342.95 on 03-11-2013)
5- Wave-ii of Wave-3(5972.45 on 13-11-2013)
6- Wave-iii of Wave-3(6415.25 on 09-12-2013)
7- Wave-iv of Wave-3(6129.95 on 18-12-2013)
8- Wave-v of Wave-3 with descending triangle pattern formation in last 22 sessions between 6130-6415.
Conclusions from EOD chart analysis
Wave-v of Wave-3 is on for next rally above all time high but this Wave has not shown required strength and turned range bound because next Union Govt. stability after Parliamentary Elections has turned at stake due to the possibility of BJP votes cutting by Aam Admi Party and resultant expectations of weaker Government formations after Union Elections-2014.
Nifty-Intra Day Chart (17-Jan-2014):-
 |
| Just click on chart for its enlarged view |
1- Selling between 8320-6338
2- Fast down
3- Down moves in Bullish Falling Channel
4- Support between 6286-6391
5- Up moves in Bearish Rising Channel
6- Steep Fall
7- Last more than trading with mixed trading patterns between 6247-6272
8- Whole day actual trading between 6247-6338
(All levels are Jan Fut)
Conclusions from intra day chart analysis
Almost 6 hours down moves with higher levels good selling and minor consolidation as well as closing near the lower levels of the day therefore emergence of deeper correction possibility. As last more than 2 hours trading with mixed trading patterns between 6247-6272 therefore sustaining it beyond should be firstly watched for the confirmation of deeper correction possibility.
Conclusions (After Putting All Studies Together)
Long Term trend is up,Short Term trend is down and Intermediate Term Trend is sideways for the last 22 sessions between 6130-6415 with descending triangle pattern formation and valid break out of this range will decide next big trend. As higher levels selling in last 2 sessions therefore until Nifty will not sustain above previous week highest(6346) till then next up moves will not be considered. Although markets recovered from lower levels in previous week but on the back of above expectations quarterly results and intraday selling was seen within 6165-6235 between 06-01-2014-10-01-0=2014 also therefore if follow up selling develop in the beginning of next week then sharp fall will be seen therefore complete consolidation is firstly required for any rally.
As 22 sessions range bound market between 6130-6415 with descending triangle pattern therefore Nifty has to prepare for next trend and decisive moves within it and firstly sustaining beyond mentioned triangle and after that finally mentioned range should be watched for next next big trend confirmations.