Next target of Nifty at 9299.10
Technical Analysis,Research & Weekly Outlook
(Mar 09 to Mar 13,2015)
Nifty-EOD Chart (05-Mar-2015):- |
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1- Wave-iv of Wave-3 completion at 7961.35 on 17-12-2014 and beginning of Wave-1 of Wave-v of Wave-3)
2- Wave-1 of Wave-v of Wave-3 completion at 8445.60 on 05-01-2015
3- Wave-2 of Wave-v of Wave-3 completion at 8065.45 on 07-01-2015
4- Wave-3 of Wave-v of Wave-3 completion at 8996.60 on 30-01-2015
5- Wave-4 of Wave-v of Wave-3 completion at 8470.50 on 10-02-2015
6- Sub Wave-1 of Wave-5 of Wave-v of Wave-3 completion at 8913.45 on 19-02-2015
7- Sub Wave-2 of Wave-5 of Wave-v of Wave-3 completion at 8669.45 on 26-02-2015
8- Sub Wave-3 of Wave-5 of Wave-v of Wave-3 completion at 9119.20 on 04-03-2015
9- Sub Wave-4 of Wave-5 of Wave-v of Wave-3 continuation with recent bottom formation at 8849.35 on 05-03-2015
Bullish break out of 'Pennant Pattern'
Nifty-EOD Chart (05-Mar-2015):-
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1- 'Pennant Pattern'formations in last 20 Sessions Correction
2- 'Pennant Pattern'break out on 28-02-2015
3- Support at the upper line of 'Pennant' on 05-03-2015
Nifty-Intra Day Chart (05-Mar-2015):-
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1- Consolidation between 8850-8881(Immediate Supports)
2- Consolidation between 8893-8922(Immediate Supports)
3- Whole day actual trading between 8850-8957
Conclusions from intra day chart analysis
Although sharp fall on 04-03-2015 but whole day consolidation patterns were also seen also on 04-03-2015 and as such selling patterns were not visible therefore emergence of first strong signal fresh up moves after 1 day correction completion.
Conclusions (After Putting All Studies Together)
All trends are up and strong Bullish rally continuation with 20 sessions 'Pennant Pattern' formations between 30-01-2015 and 27-02-2015 which was broken out on 28-02-2015. As high expectations from Budget and sentiment remained boiling as well as RBI rates cut was also seen in previous week therefore high volatility was seen but Nifty could not slip below the upper line of 'Pennant' and support got exactly on it on on 05-03-2015 therefore rally continuation hopes are alive.
Corrective Sub Wave-4 of Wave-5 of Wave-v of Wave-3 started after RBI rates cut on 04-03-2015 but good consolidation was also seen on 05-03-2015 therefore emergence of correction completion signal and if Nifty sustain above the bottom of 05-03-2015 then fresh rally will be seen after Sub Wave-5 confirmation. next possible targets of Sub Wave-5 will be as follows:-
Sub Wave-1 gained 442.95 points(8913.45-8470.50)
Sub Wave-3 gained 449.75 points(9119.20-8669.45)
Sub Wave-3 gained almost 100% of Sub Wave-1(means 449.75 points) and if Sub Wave-5 also gains 100% of Wave-3 after Wave-4 bottom formations confirmation at 8849.35 on 05-03-2015 then next target of Sub Wave-5 will be:-
449.75+8849.35=9299.10
Firstly sustaining above 8849.35 should be watched in next week and its confirmations will mean confirmation of Sub Wave-5 formation and its continuation towards next target at 9299.10 after 100% of Sub Wave-3.
As good supports above 8849.35 on 05-03-2015 and as such good selling not seen above it but on the other hand consolidation patterns were also seen on 04-03-2015 therefore expected that finally Nifty will sustain above 8849.35 and will finally move towards next target at 9299.10.
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