Nifty-EOD Chart (02-May-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 6869.85 on 25-04-2014
3- 20 sessions sideways market between 6651-6861
Although new all time high formation on 25-04-2014 but following line was told at 01:11:00 AM on 28-04-2014 in Technical Analysis,Research & Weekly Outlook(Apr 28 to May 02,2014):-
1- correction is very much due. As Bearish Rising Wedge formation in last 13 sessions therefore emergence of correction possibility
2- Indian markets are highly Bullish and many times such markets correct time wise in side ways moves and not price wise therefore possibility of side ways market trading range is 6651-6861
Correction was told and all the trading sessions of previous week were closed in Red and side ways market was told between 6651-6861 and Nifty traded between 6656-6786 in previous week.
Long Term trend is up,Short term is down and Intermediate term is sideways between 6651-6861 for the last 20 sessions. Although Impulsive Wave-iii of Wave-3 continuation but its correction was also seen in previous week and length of this correction will be decided through sustaining beyond previous 20 sessions trading range(6651-6861):-
1- Sustaining below 6651 will mean deeper correction and Nifty will correct whole up move which started from 5933.30 because that will be confirmation of 5th sub-wave completion of on going rally.
2- Sustaining above 6861 will mean rally continuation after correction completion within more than 20 sessions sideways market between 6651-6861
Nifty-Intra Day Chart (02-May-2014):-
Technical Patterns and Formations in today intraday charts
1- Whole day down moves in Bullish Falling Channel.
3- Whole day actual trading between 6689-6737
Although positive opening but flat closing after whole day down moves in Bullish Falling Channel which is consolidation pattern as well therefore finally rally is expected in next week after follow up consolidation.
Next resistances and suppoers are as follows:-
1- Resistances between 6841-6861
2- Resistances between 6818-6836
3- Resistances between 6738-6786
4- Supports between 6685-6725
5- Supports between 6651-6680
Although all session of previous week closed in Red but following consolidation was also seen:-
1- Firstly down moves in Bullish Falling Channel and after that good recovery from lower levels on 30-04-2014
2- Whole day Bullish Falling Channel formation on 02-05-2014
3- Nifty could not slip below the lowest(6651) of last 20 sessions
As good consolidation seen in last 2 sessions within following previous supports have been strengthened:-
1- Supports between 6685-6703
2- Supports between 6651-6671
Correction is on and coming week may be full of Parliamentary Election news flow therefore some volatility can not be ruled out and Nifty may slip also below 20 sessions lowest (6651) but deeper correction will be considered after forcefully breaking down or sustaining below 6651 because above mentioned consolidation was also seen in previous 2 sessions above 6651 and following conclusive will be repeated which was told in previous 2 Outlooks last Friday:-
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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 6869.85 on 25-04-2014
3- 20 sessions sideways market between 6651-6861
Conclusions from EOD chart analysis
Although new all time high formation on 25-04-2014 but following line was told at 01:11:00 AM on 28-04-2014 in Technical Analysis,Research & Weekly Outlook(Apr 28 to May 02,2014):-
1- correction is very much due. As Bearish Rising Wedge formation in last 13 sessions therefore emergence of correction possibility
2- Indian markets are highly Bullish and many times such markets correct time wise in side ways moves and not price wise therefore possibility of side ways market trading range is 6651-6861
Correction was told and all the trading sessions of previous week were closed in Red and side ways market was told between 6651-6861 and Nifty traded between 6656-6786 in previous week.
Long Term trend is up,Short term is down and Intermediate term is sideways between 6651-6861 for the last 20 sessions. Although Impulsive Wave-iii of Wave-3 continuation but its correction was also seen in previous week and length of this correction will be decided through sustaining beyond previous 20 sessions trading range(6651-6861):-
1- Sustaining below 6651 will mean deeper correction and Nifty will correct whole up move which started from 5933.30 because that will be confirmation of 5th sub-wave completion of on going rally.
2- Sustaining above 6861 will mean rally continuation after correction completion within more than 20 sessions sideways market between 6651-6861
Nifty-Intra Day Chart (02-May-2014):-
 |
| Just click on chart for its enlarged view |
1- Whole day down moves in Bullish Falling Channel.
3- Whole day actual trading between 6689-6737
Conclusions from intra day chart analysis
Although positive opening but flat closing after whole day down moves in Bullish Falling Channel which is consolidation pattern as well therefore finally rally is expected in next week after follow up consolidation.
Conclusions (After Putting All Studies Together)
Next resistances and suppoers are as follows:-
1- Resistances between 6841-6861
2- Resistances between 6818-6836
3- Resistances between 6738-6786
4- Supports between 6685-6725
5- Supports between 6651-6680
Although all session of previous week closed in Red but following consolidation was also seen:-
1- Firstly down moves in Bullish Falling Channel and after that good recovery from lower levels on 30-04-2014
2- Whole day Bullish Falling Channel formation on 02-05-2014
3- Nifty could not slip below the lowest(6651) of last 20 sessions
As good consolidation seen in last 2 sessions within following previous supports have been strengthened:-
1- Supports between 6685-6703
2- Supports between 6651-6671
Correction is on and coming week may be full of Parliamentary Election news flow therefore some volatility can not be ruled out and Nifty may slip also below 20 sessions lowest (6651) but deeper correction will be considered after forcefully breaking down or sustaining below 6651 because above mentioned consolidation was also seen in previous 2 sessions above 6651 and following conclusive will be repeated which was told in previous 2 Outlooks last Friday:-
Finally Rally/up moves will be seen in next week.