Technical Analysis,Research & Weekly Outlook
(Sep 15 to Sep 19,2014)
Nifty-Intra Day Chart (Sep 02 to Sep 12,2014):- |
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1- Consolidation and last Supports formations between 8058-8082 in 9 previous sessions
2- Selling(resistances) between 8090-8114
3- Selling(resistances) between 8109-8127
4- Selling(resistances) between 8140-8170
5- Head and Shoulders like Bearish formations in last 9 sessions with neckline at 8052.
6- 9 Sessions trading between 8052-8180
Conclusions from 9 Sessions intra day chart analysis
9 Sessions most time trading between 8058-8170 with higher levels good selling and lower levels some supports with consolidation also therefore Nifty will be understood sideways between 8052-8180 at this moment and sustaining beyond this range will be next trend confirmation. As Hear and Shoulders like Bearish formations in last 9 sessions with neckline at 8052 therefore once sustaining below 8052 will mean much deeper correction.
Nifty-Intra Day Chart (12-Sep-2014):-
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1- Selling between 8090-8114.
2- Down moves in Bullish Falling Channel.
3- Triple bottom supports at lower levels.
4- Most time sideways trading between 8072-8102
5- Whole day actual trading between 8072-8114
Conclusions from intra day chart analysis
Most time sideways trading between 8072-8102 with mixed patterns formation because higher levels selling but lower levels triple bottom supports and Down moves in Bullish Falling Channel also.
Although Nifty moved up forcefully in last hour and traded also last more than half hour at the higher levels of the day but this last hour up move will not be understood Bullish pattern because selling can not be ruled out in that heated sentiment in last more than half hour on 12-09-2014.
As intraday patterns are signalling good selling at higher levels despite closing at the highest of the day view is cautious and firstly follow up consolidation with minimum sustaining above day's highest(8114) is must for any next up moves
Conclusions (After Putting All Studies Together)
All Trends are up and Indian markets are most bullish as well as new life time high formation seen 9 times in last 1 month. Oscillators are overbought and showing correction indications as well as Head and Shoulders like Bearish formations also developed in last 9 sessions therefore emergence of minimum Short Term correction continuation possibility. As its Right Shoulder has not completely developed and lower levels supports also seen in last 9 sessions therefore more follow up selling is firstly required for valid Break of 9 sessions trading range and neckline(8052) of Head and Shoulders.
Following line was told at 1:11 PM in Mid-session Outlook(12-09-2014):-
More than 3 hours trading with higher levels selling between 8087-8102 today
We told for selling in all the Mid-session Outlooks on 12-09-2014 and even when Nifty was closing near the higher levels of the day then also we told following line at 3:28 PM in Pre-closing Outlook-2 on 12-09-2014:-
selling at higher levels also can not be ruled out in last half hour today
Firstly sustaining beyond 8052 should be watched in next week for:-1- Much deeper correction below 8052 or
2- First indication of on going correction completion will be understood after sustaining above 6052 because multiple resistances(8114/8127/8170) developed in last 9 sessions and complete follow up consolidation is must for any up move above life time high.
Let market prepare for decisive moves between 8052-8180 the will be updated according to intraday charts patterns formation of next coming week