Nifty-EOD Chart (31-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 failed after 28 sessions between 6130-6415.
9- 40 Sessions trading between 6130-6415 between 02-12-2013 and 28-01-2014.
10- 4 Previous sessions trading below the lowest of 40 sessions range
11- 200-Day EMA(today at 6000)
Conclusions from EOD chart analysis
Wave-v of Wave-3 failed after 28 sessions trading between 6130-6415 and slipped below the lowest of Wave-iv of Wave-3(6129.95) with last 4 trading and closing below the lowest of 40 sessions range.
Nifty-Intra Day Chart (31-Jan-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling patterns formation between 6086-6097
3- Whole day actual trading between 6068-6097
Conclusions from intra day chart analysis
As good selling patterns formation at higher levels therefore firstly down moves are expected despite closing near the higher levels of the day and until Nifty will not sustain above the highest(6,097.85) of the day till then next up moves will not be considered.
Intermediate Term and Short Term trends are down but Long Term trend is still up and that will be down after sustaining below its decider 200-Day EMA(today at 6000). As market is in downward direction and 40 Sessions trading range has been broken down in previous week therefore last hopes of Bulls are as follows:-
1- 200-Day EMA(today at 6000)
2- Bottom of Wave-ii of Wave-3(5972.45)
Slipping below above 2 levels can not be ruled out but sustaining below 6000/5972 is must for trend reversal and should be firstly watched in the coming sessions because follow 2 fundamentals will decide next trend and Indian markets will prepare for Long Term trend amid following 2 contradictory news:-
1- Tapering of QE3 by $10 billion per month
2- Narendrea Modi clear victory in Lok Sabha Elections
Narendrea Modi clear victory will mean strong rally and much higher levels above all time high but implications of QE3 tapering has to be seen and understood also.
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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 failed after 28 sessions between 6130-6415.
9- 40 Sessions trading between 6130-6415 between 02-12-2013 and 28-01-2014.
10- 4 Previous sessions trading below the lowest of 40 sessions range
11- 200-Day EMA(today at 6000)
Conclusions from EOD chart analysis
Wave-v of Wave-3 failed after 28 sessions trading between 6130-6415 and slipped below the lowest of Wave-iv of Wave-3(6129.95) with last 4 trading and closing below the lowest of 40 sessions range.
Nifty-Intra Day Chart (31-Jan-2014):-
 |
| Just click on chart for its enlarged view |
1- Selling patterns formation between 6086-6097
3- Whole day actual trading between 6068-6097
Conclusions from intra day chart analysis
As good selling patterns formation at higher levels therefore firstly down moves are expected despite closing near the higher levels of the day and until Nifty will not sustain above the highest(6,097.85) of the day till then next up moves will not be considered.
Conclusions (After Putting All Studies Together)
Intermediate Term and Short Term trends are down but Long Term trend is still up and that will be down after sustaining below its decider 200-Day EMA(today at 6000). As market is in downward direction and 40 Sessions trading range has been broken down in previous week therefore last hopes of Bulls are as follows:-
1- 200-Day EMA(today at 6000)
2- Bottom of Wave-ii of Wave-3(5972.45)
Slipping below above 2 levels can not be ruled out but sustaining below 6000/5972 is must for trend reversal and should be firstly watched in the coming sessions because follow 2 fundamentals will decide next trend and Indian markets will prepare for Long Term trend amid following 2 contradictory news:-
1- Tapering of QE3 by $10 billion per month
2- Narendrea Modi clear victory in Lok Sabha Elections
Narendrea Modi clear victory will mean strong rally and much higher levels above all time high but implications of QE3 tapering has to be seen and understood also.