Technical Analysis,Research & Weekly Outlook
(Mar 03 to Mar 07,2014)
Nifty closed at the top of last 14 sessions last Friday and proved 100% accuracy of our following 3 weekly analysis topics:-
1- Bullish Rally continuation(Posted on 23-02-2014)
2- View is Bullish(Posted on 16-02-2014)
3- Bullish Week Ahead(Posted on 09-02-2014)
(Just click on above topic and understand the reasons of our Bullish views since beginning of on going rally)
Nifty-EOD Chart (28-Feb-2014):-
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Just click on chart for its enlarged view |
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
Conclusions from EOD chart analysis
All trends are up and Wave-iii of Wave-3 continuation towards new all time high and its possibilities turned high after sustaining above 200-Day EMA in previous weeks as well as saving of up trend.
Nifty-Intra Day Chart (28-Feb-2014):-
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Just click on chart for its enlarged view |
Technical Patterns and Formations in today intraday charts
1- Selling patterns formation between 6251-6264
2- Lower levels supports.
3- Whole day actual trading between 6229-6282
Conclusions from intra day chart analysis
Although lower levels supports but higher levels good selling also therefore slipping possibilities below the lowest of the day(6229) despite closing near the highest of the day on 28-02-2014.
Conclusions (After Putting All Studies Together)
Bullish rally continuation and all the next resistances of Nifty are as follows:-
1- 6265-6292
2- 6320-6358
3- 6350-6380
Although Nifty closed near the highest of the week last Friday but following selling signals also developed in last 2 sessions:-
1- Whole day up moves on 27-02-2014 but lacking required force therefore indication of selling.
2- Higher levels good selling on 28-02-2014 despite closing near the highest of the day.
Next immediate resistances are between 6265-6292 and selling patterns formations seen between and below this range in last 2 sessions therefore emergence of very short term down possibility in the beginning of next week and that is due also after 350 points rally in previous month.
Following line was told on 23-02-2014 in Bullish Rally continuation
Expected that finally up moves toward 6265 will be seen after follow up consolidation in next week.
As was told same happened and Nifty closed at 6,276.95 after highest formation at 6,282.70 last Friday
Expected that finally previous weeks started rally will remain continued in the coming weeks but after Short term correction in the beginning of next week.