Nifty-EOD Chart (17-Apr-2014):-
Technical Patterns and Formations in EOD charts
1- Wave-iii of Wave-3 beginning(5933.30 on 04-02-2014)
2- 5th Wave continuation with all time high formation at 6819.05 on 10-04-2014
3- Last 7 Sessions trading between 6651-6819
Conclusions from EOD chart analysis
Wave-iii of Wave-3 is on with its 5th wave highest formation at 6819.05 and last 7 sessions range bound trading between 6651-6819.
Nifty-Intra Day Chart (Apr 07 to Apr 17,2014):-
Technical Patterns and Formations in last 7 Sessions intraday charts
1- Selling between 6806-6819 on 10-04-2014
2- Consolidation between 6651-6671 on 07-04-2014
3- consolidation between 6706-6732 on 09-04-2014
4- Consolidation between 6720-6740 on 17-04-2014
5- Mixed Patterns between 6762-6783 on 17-04-2014
6- 7 Sessions actual trading between 6651-6819
Conclusions from 7 Sessions intra day chart analysis
7 Sessions actual trading between 6651-6819 with lower levels good supports and now last resistances are between 6806-6819 therefore follow up consolidation is firstly required for fresh rally above 6819. As strong supports emerged at lower levels in last 7 sessions therefore complete selling is required for any decisive down moves below the lowest the lowest of last 7 sessions(6651)
Nifty-Intra Day Chart (17-Apr-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 6685-6699
2- Follow up consolidation between 6720-6740
3- Mixed Patterns between 6762-6783
4- Whole day actual trading between 6685-6783
Conclusions from intra day chart analysis
Strong 99 points rally after lower levels consolidation and follow up consolidation as well between 6720-6740 and confirmation of Short term correction completion. As mixed patterns formations between 6762-6783 in last 2 hours therefore follow up consolidation is firstly required for decisive up moves and sustaioning above the highest of the day(6783)
All trends are up and impulsive Wave-iii of Wave-3 continuation but oscillators are showing negative divergence in overbought zone therefore correction is very much due. Indian markets are highly Bullish and many times such markets correct time wise in side ways moves and not price wise. As last 7 sessions were range bound therefore time wise correction possibility can not be ruled out.
Strong supports developed at lower levels and selling was also seen in last 7 sessions between 6651-6819 as well as weekly Bearish Hanging Man Candle formation in previous week therefore expected that Indian markets will firstly remain sideways between 6651-6819 in the beginning of next week and sustaining beyond this range will decide the length and life of ongoing correction.
Next moves beyond 6651-6819 will be as follows:-
1- Sustaining above 6819 will mean strong rally after Short Term Correction completion
2- Sustaining below 6651 will mean correction of whole that up move which started from 5933.30.
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| Just click on chart for its enlarged view |
1- Wave-iii of Wave-3 beginning(5933.30 on 04-02-2014)
2- 5th Wave continuation with all time high formation at 6819.05 on 10-04-2014
3- Last 7 Sessions trading between 6651-6819
Conclusions from EOD chart analysis
Wave-iii of Wave-3 is on with its 5th wave highest formation at 6819.05 and last 7 sessions range bound trading between 6651-6819.
Nifty-Intra Day Chart (Apr 07 to Apr 17,2014):-
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| Just click on chart for its enlarged view |
1- Selling between 6806-6819 on 10-04-2014
2- Consolidation between 6651-6671 on 07-04-2014
3- consolidation between 6706-6732 on 09-04-2014
4- Consolidation between 6720-6740 on 17-04-2014
5- Mixed Patterns between 6762-6783 on 17-04-2014
6- 7 Sessions actual trading between 6651-6819
Conclusions from 7 Sessions intra day chart analysis
7 Sessions actual trading between 6651-6819 with lower levels good supports and now last resistances are between 6806-6819 therefore follow up consolidation is firstly required for fresh rally above 6819. As strong supports emerged at lower levels in last 7 sessions therefore complete selling is required for any decisive down moves below the lowest the lowest of last 7 sessions(6651)
Nifty-Intra Day Chart (17-Apr-2014):-
 |
| Just click on chart for its enlarged view |
1- Consolidation between 6685-6699
2- Follow up consolidation between 6720-6740
3- Mixed Patterns between 6762-6783
4- Whole day actual trading between 6685-6783
Conclusions from intra day chart analysis
Strong 99 points rally after lower levels consolidation and follow up consolidation as well between 6720-6740 and confirmation of Short term correction completion. As mixed patterns formations between 6762-6783 in last 2 hours therefore follow up consolidation is firstly required for decisive up moves and sustaioning above the highest of the day(6783)
Conclusions (After Putting All Studies Together)
All trends are up and impulsive Wave-iii of Wave-3 continuation but oscillators are showing negative divergence in overbought zone therefore correction is very much due. Indian markets are highly Bullish and many times such markets correct time wise in side ways moves and not price wise. As last 7 sessions were range bound therefore time wise correction possibility can not be ruled out.
Strong supports developed at lower levels and selling was also seen in last 7 sessions between 6651-6819 as well as weekly Bearish Hanging Man Candle formation in previous week therefore expected that Indian markets will firstly remain sideways between 6651-6819 in the beginning of next week and sustaining beyond this range will decide the length and life of ongoing correction.
Next moves beyond 6651-6819 will be as follows:-
1- Sustaining above 6819 will mean strong rally after Short Term Correction completion
2- Sustaining below 6651 will mean correction of whole that up move which started from 5933.30.