Nifty-EOD Chart (04-Apr-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 with new highest formation at 6776.60 on 03-04-2014
Conclusions from EOD chart analysis
All trends are up and Bullish market Wave-iii of Wave-3 continuation towards those higher levels which can not be easily imagined at this moment because many more those waves are still left which have already been updated in following topic on 30-03-2014:-
Nifty-Intra Day Chart (04-Apr-2014):-
Technical Patterns and Formations in today intraday charts
1- Down moves in Bullish falling channel.
2- Whole day actual trading between 6686-6728
As good selling during first 3 sessions of the week therefore consolidation was firstly required for decisive up moves and it was seen in last 2 sessions therefore emergence of rally continuation hopes also despite closing near the lowest of the day. Both good selling and some consolidation also seen in previous week and Weekly Candle is Doji(means indecision between bulls and bears) therefore signals of Short Term Trend turning sideways and sustaining beyond precious week trading range(6663-6776) will be immediate next trend confirmation and should be firstly watched in next week.
At present impulsive Wave-iii of Wave-3 continuation and minor signal of its completion in previous week because some selling was also seen in the beginning of previous week and Weekly Doji Candle(means indecision between bulls and bears). As lower levels some supports some consolidation was also seen in last 2 sessions therefore sustaining beyond 6663-6776 should be firstly watched in next week for immediate next trend confirmation.
It should be kept in mind that all trends are up and indicators and over bought and shown negative divergence as well therefore minimum Short Term Correction is due and follow up selling with sustaining below 6663 will be its confirmation.
As US markets closed .96% to 2.70% down last Friday and such weakness in Asian markets on next Monday morning will mean depressed sentiments and gap down opening can not be ruled out in Indian markets. In this situation sustaining beyond 6663 should be firstly watched in next couple of sessions for next Short Term Trend confirmation.
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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 with new highest formation at 6776.60 on 03-04-2014
Conclusions from EOD chart analysis
All trends are up and Bullish market Wave-iii of Wave-3 continuation towards those higher levels which can not be easily imagined at this moment because many more those waves are still left which have already been updated in following topic on 30-03-2014:-
Nifty-Intra Day Chart (04-Apr-2014):-
 |
| Just click on chart for its enlarged view |
1- Down moves in Bullish falling channel.
2- Whole day actual trading between 6686-6728
Conclusions from intra day chart analysis
Conclusions (After Putting All Studies Together)
At present impulsive Wave-iii of Wave-3 continuation and minor signal of its completion in previous week because some selling was also seen in the beginning of previous week and Weekly Doji Candle(means indecision between bulls and bears). As lower levels some supports some consolidation was also seen in last 2 sessions therefore sustaining beyond 6663-6776 should be firstly watched in next week for immediate next trend confirmation.
It should be kept in mind that all trends are up and indicators and over bought and shown negative divergence as well therefore minimum Short Term Correction is due and follow up selling with sustaining below 6663 will be its confirmation.
As US markets closed .96% to 2.70% down last Friday and such weakness in Asian markets on next Monday morning will mean depressed sentiments and gap down opening can not be ruled out in Indian markets. In this situation sustaining beyond 6663 should be firstly watched in next couple of sessions for next Short Term Trend confirmation.