8550 is most crucial level
Technical Analysis,Research & Weekly Outlook
(Jan 06 to Jan 09,2015)
Nifty-EOD Chart (05-Jan-2015):- |
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1- Wave-5 completion at 8626.95 on 04-12-2014 and 'ABC' correction beginning.
2- Wave'A' completion at 7961.35 on 17-12-2014 and Wave'B' beginning
3- Wave'a' of Wave'B' completion at 8364.75 on 23-12-2014
4- Wave'B' of Wave'B' completion at 8147.95 on 26-12-2014
5- Wave'c' of Wave'B' continuation with its recent top formation at 8445.60 on 05-05-2015
Conclusions from EOD chart analysis
Wave'A' of 'ABC' correction begun after Wave-5 completion at 8626.95 on 04-12-2014 which completed at 7961.35 on 17-12-2014 and Wave'B' started in "abc" mode. Now Wave'c' of Wave'B' continuation with its recent top formation at 8445.60 on 05-01-2015.
Fibonacci Retracement Levels of Wave'B' are as follows(7961-8626):-
13.0%-8047
23.6%-8117
27.0%-8140
38.2%-8215
50.0%-8293
61.8%-8371
70.7%-8431
76.4%-8469
78.6%-8483
88.6%-8550
Nifty-EOD Chart (05-Jan-2015):-
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Wave'B' of Wave'B' completed at 8147 and Wave'c' of Wave'B' started.
If Wave'c' of Wave'B' gains 100% points of Wave'a' of Wave'B' then its maximum target will be at 8550(8147+403)
8550 becomes most crucial level because 88.6% Retracement Level is also exactly at 8550.
Nifty-Intra Day Chart (05-Jan-2015):-
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1- Selling between 8430-8445
2- Selling between 8405-8515
3- Support between 8383-8387
4- Support between 8364-8375
5- Whole day actual trading between 8364-8445
Conclusions from intra day chart analysis
It was a volatile day today with higher levels selling and lower levels buying as well therefore firstly sustaining beyond today trading range should be watched for first strong signal of next decisive moves commencement and the continuation/completion of Wave'c' of Wave'B'.
Conclusions (After Putting All Studies Together)
Expected that Wave'c' of Wave'B' will complete between 8431-8550 and Wave'C' will begin towards new lows below 7961. Next resistances above today highest are between 8510-8614 and 8550 is lying within it therefore Nifty will not easily cross this resistance range.
Follow up moves and finally sustaining beyond 8364-8445 will decide the fate of Wave'c' of Wave'B'for up moves up to 8550/down moves below 7961.