Technical Analysis,Research & Weekly Outlook
(Jun 02 to Jun 06,2014)
Nifty-EOD Chart (30-May-2014):- |
| 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(7563.50 on 16-05-2014)
7- Wave-iv of Wave-3(14 Sessions sideways correction between 7082-7563)
Conclusions from EOD chart analysis
Long and Intermediate Term Trends are up,Short Term Trend is down and Nifty is sideways between 7082-7563 for the last 14 sessions. Just ckick following topic link which was posted on 19-05-2014 and understand its technical reasons:-
Nifty-Intra Day Chart (30-May-2014):-
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| Just click on chart for its enlarged view |
1- Whole day down moves in Bullish Falling Channel
2- Whole day actual trading between 7215-7272
Conclusions from intra day chart analysis
Whole day down moves in Bullish Falling Channel with flat closing on 30-05-2014 but intraday patterns of last 4 sessions are showing consolidation patterns formations despite down moves therefore signals of consolidation process continuation and emergence of fresh up moves expectations also after on going correction completion.
Conclusions (After Putting All Studies Together)
14 Sessions sideways correction between 7082-7563 and sustaining beyond this range will give next big moves. Next supports and resistances within this range are as follows:-
1- Support between 7193-7229
2- Supports between 7082-7102
1- Resistances between 7293-7319
2- Resistances between 7358-7432
3- Resistances between 7450-7563
As good supports at lower levels and equally strong resistances are lying at higher levels also between 7082-7563 therefore Nifty is not prepared for any side decisive moves and sideways correction of Wave-iv of Wave-3 will remain continued within mentioned range in the coming sessions. Following next huge moves will be seen beyond 7082-7563:-
1- Sustaining above 7563 will mean strong rally after corrective Wave-iv of Wave-3 completion.
2- Sustaining below 7082 will mean deeper correction after Intermediate Term Trend turning down.
Expected that finally rally will remain continued above 7563 after follow up consolidation in the coming sessions but at present correction is on and its completion confirmation is firstly required also and let it happen first then will be updated accordingly in the coming sessions Outlooks, At pewsent Indian markets will be understood side ways between 7082-7563 and heading as well as preparing for next more than 10% huge fast moves after sustaining beyond 7082-7563.