Nifty-EOD Chart (22-Mar-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(6415.25 on 09-12-2013)
5- Wave-ii of Wave-3(5933.30 on 04-02-2014)
6- Wave-iii of Wave-3 continuation
7- 11 Sessions most time trading between 6433-6574
Nifty-Intra Day Chart (Mar 07 to Mar 22,2014):-
Technical Patterns and Formations in last 11 Sessions intraday charts
1- Higher levels good selling
2- Supports between 6433-6447
3- 11 Sessions most time trading between 6433-6574
Long and Intermediate Term trends are up but Short Term Trend is side ways for the last 11 sessions between 6433-6574. impulsive Wave-3 continuation towards more all time higher levels but indicators are overbought and suggesting correction possibility. It should be kept in mind that Bullish markets complete its correction time wise also and some times price wise correction is not seen.
Expected that Nifty will firstly trade and prepare for next decisive moves within 11 sessions range. As last 11 sessions intraday charts are showing more selling at higher levels therefore possibility of slipping towards lower levels of 11 sessions range and deeper correction will be considered after sustaining below 6433.
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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(6415.25 on 09-12-2013)
5- Wave-ii of Wave-3(5933.30 on 04-02-2014)
6- Wave-iii of Wave-3 continuation
7- 11 Sessions most time trading between 6433-6574
Nifty-Intra Day Chart (Mar 07 to Mar 22,2014):-
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| Just click on chart for its enlarged view |
1- Higher levels good selling
2- Supports between 6433-6447
3- 11 Sessions most time trading between 6433-6574
Conclusions (After Putting All Studies Together)
Long and Intermediate Term trends are up but Short Term Trend is side ways for the last 11 sessions between 6433-6574. impulsive Wave-3 continuation towards more all time higher levels but indicators are overbought and suggesting correction possibility. It should be kept in mind that Bullish markets complete its correction time wise also and some times price wise correction is not seen.
Expected that Nifty will firstly trade and prepare for next decisive moves within 11 sessions range. As last 11 sessions intraday charts are showing more selling at higher levels therefore possibility of slipping towards lower levels of 11 sessions range and deeper correction will be considered after sustaining below 6433.