Firstly Sideways Market within Crucial Levels
Technical Analysis,Research & Weekly Outlook
(Feb 22 to Feb 26,2016)
11 Months Correction with Bullish Flag formations
Nifty-EOD Chart (19-Feb-2016):-
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1- Wave-3 on long Chart beginning at 5118.85 on 28-08-2013
2- Wave-3 completion and corrective Wave-4 beginning at 9119.20 on 04-03-2015
3- Corrective Wave-4 recent bottom of correction at 6869 on 12-02-2016
4- 11 Months correction in Bullish Flag formations
Conclusions from EOD chart analysis
As whole 11 months correction from 9119.20 to 6869 is with Bullish Flag formations and Nifty has not slipped below its lower falling line yet therefore it is valid till now resultant hopes of fresh up moves above all time high(9119.20) are still alive.
Intra Day Chart Analysis(19-02-2016)
Nifty-Intra Day Chart (19-Feb-2016):-
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1- Minor support between 7159-7176
2- Minor selling between 7190-7202
3- Minor support between 7156-7170
4- Minor selling between 7213-7226
5- Whole day actual trading between 7159-7226
Conclusions from intra day chart analysis
Following lines were told on 18-02-2016 in "Sideways market ahead for Post Budget big moves Preparation":-
Nifty will firstly trade and prepare for next trend near about today trading range(7128-7215)
Nifty traded most time within mentioned range(7128-7215) and closed also within it with Mixed patterns formations(both buying and selling) therefore still Nifty will be understood sideways and expected that Nifty will firstly trade and prepare for next decisive moves within and near above mentioned range.
Conclusions (After Putting All Studies Together)
As EOD charts analysis have already been updated in previous weekly analysis and no material change till now therefore has not been posted in this weekly analysis. Just click following links for detailed analysis of EOD charts from previous weekly Outlooks:-
1- Posted on 15-02-2016- "Pull Back rally Expectations but Trend Reversal after Sustaining above Most crucial Levels"
2- Posted on 07-02-2016- "Pull Back Rally continuation require confirmations from 7448-7479 under Volatile Global Markets"
3- Posted on 01-02-2016- "Pull Back rally continuation after follow up consolidation"
4- Posted on 07-01-2016- "Correction Continuation towards 7104/6761"
Immediate resistances of Nifty are as follows:-
1- 7220-7321
2- 7480-7512
Immediate supports of Nifty are as follows:-
1- 6965-7025
2- 6869-6945
Although some up moves were seen in previous week after lower levels supports but above resistances are lying just above previous weekly highest and minor selling was also seen last Friday therefore until Nifty will not sustain above 1st resistance(7321) till then decisive up moves will not be seen. As lower levels supports are also sufficiently good and Nifty requires some more preparation for next decisive moves therefore expected that Nifty will firstly trade within following crucial levels and prepare for next trend:-
1- 7128-7226
2- 6869-7321