Bears beaten Bull by 198 Runs with Pace Bowling Attack of GST Bill
Technical Analysis and Market Outlook
(13-05-2015)
Nifty-EOD Chart (12-May-2015):- |
| Just click on chart for its enlarged view |
1- Sub Wave-5 of Wave-5 completion at 9119.20 on 04-03-2015 and 'ABC'correction beginning
2- Wave-'A'(8269.15 on 27-03-2015)
3- Wave-'B'(8844.40 on 15-04-2015)
4- Wave-'C' recent bottom formation at 7997.15 on 07-05-2015
5- Last 12 sessions trading between 7997-8365
6- Nifty is hovering around Long Term Trend decider 200 Day EMA(today at 8189) for the last 8 sessions.
Nifty-Intra Day Chart (12-May-2015):-
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| Just click on chart for its enlarged view |
1- Nifty slipped 77 points in first 4 minutes and
2- Nifty lost 92 points within first 11 minutes.
3- Nifty crashed 119 points within first 18 minutes.
4- Nifty moved down 155 points within first hour.
5- Last more than 5 hours trading with mixed patterns formations between 8116-8186
Conclusions (After Putting All Studies Together)
As Parliament session was extended for 3 days from 11-05-2015 to 13-05-2015 and it was expected that Land Acquisition Bill and GST Bill will be passed in the Budget session therefore strong rally was seen on 8th and 11 May but following negative developments were seen in last 2 days:-
1- Land Bill referred to 30-member joint committee
2- GST Bill referring to Select Committee of Rajya Sabha and it got confirmation at 09:08 AM today from following news:-
(Just click above topic link and go through whole news)
Indian markets reacted negative and sharp fall was seen immediately after opening as well as all intraday gains of last 2 sessions neutralised today.
Certainly corrective Wave-'C' is on but last 12 sessions sideways between 7997-8365 with supports above 7997 and resistances below 8365 therefore expected that Nifty will trade and will prepare for next decisive moves within this range in the next 1/2 sessions and finally break out of these crucial levels will decide next trend. As Nifty is hovering around Long Term Trend decider 200 Day EMA(today at 8189) for the last 8 sessions which is also lying between 7997-8365 and valid break out of this range will be confirmation of Long Term Trend also therefore it is confirm that one sided big moves will be seen beyond 7997-8365 after Long Term Trend confirmations.
Waves structure and detailed analysis have already been updated in previous topics and be prepared for next big Moves after sustaining beyond 7997-8365.