Finally Up moves after volatile trading within Crucial Levels
Technical Analysis,Research & Weekly Outlook
(Mar 14 to Mar 18,2016)
Waves Structure of Post Budget-2015 Correction
Nifty-EOD Chart (11-Mar-2016):-
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Technical Patterns and Formations in EOD charts
1- Wave-5 completion at 9119.20 on 04-03-2015 and Wave-A of 'ABC' correction beginning after life time high formation)
2- Wave-1 of Wave-A(8269.15 on 27-03-2015)
3- Wave-2 of Wave-A(8844.40 on 15-04-2015)
4- Wave-3 of Wave-A(7997.15 on 07-05-2015)
5- Wave-4 of Wave-A(8489.55 on 22-05-2015)
6- Wave-5 of corrective Wave-A completion(7940.30 on 12-06-2015) and Wave-B beginning
7- Wave-B completion and corrective Wave-C beginning(8654.75 on 23-07-2015)
8- Wave-1 of Wave-C(7539.50 on 08-09-2015)
9- Wave-2 of Wave-C(8336.30 on 26-10-2015)
10- Recent bottom of Wave-3 of Wave-C formation at 6825.80 on 29-02-2016 and Pull Back Rally beginning
11- Recent top of Pull Back rally formations at 7547.10 on 10-03-2016
12- Long Term Trend decider 200 Day EMA is today at 7794
Waves Structure of Post Budget-2016 Pull Back Rally
Nifty-EOD Chart (11-Mar-2016):-
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1- Pull Back rally beginning after getting supports at 6825.80 on 29-02-2016
2- Recent top of Pull Back rally formations at 7547.10 on 10-03-2016
3- 6 Sessions sideways trading between 7406-7547
Previous 6 Sessions intraday charts analysis
Nifty-Intra Day Chart (Mar 03 to Mar 11,2016):-
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1- 6 Sessions actual trading between 7405-7545
2- Both buying and selling patterns formations in last 6 sessions.
Intra Day Chart Analysis(11-03-2016)
Nifty-Intra Day Chart (11-Mar-2016):-
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1- Selling between 7527-7543
2- Selling between 7505-7524
3- Whole day actual trading between 7460-7543
Conclusions (After Putting All Studies Together)
Live Proofs of Levels Accuracy
Although strong rally begun after Budget but we were not as such Bullish for this week therefore posted following weekly analysis topic at 06:17 PM on 04-03-2016:-
Nifty traded most time within mentioned 68 points range(7444-7512) and closed also between this range at 7510.20 with whole previous week trading between 7424-7546.
Trends of Nifty are as follows:-
1- Short Term Trend has turned up after post budget Rally
2- Intermediate Term Trend is down which will be up above 7600
3- Long Term Trend is down which will be up after moving above its decider 200 Day EMA(today at 7794)
The correction which started from 9119.20 on 04-03-2015 got last support at 6825.80 on 29-02-2016 and Pull Back Rally begun which is in continuation and no confirmation of its completion yet. Last 6 Sessions sideways trading between 7406-7547 with both buying and selling patterns formations within that range.
Next supports of Nifty are as follows:-
1- 7405-7466
2- 7310-7360
Next resistances of Nifty are as follows:-
1- 7500-7543
2- 7556-7600(strong resistances)
As US and European markets closed strong with 1.28% to 3.27% gains last Friday and FOMC meeting on 15th and 16th March as well as selling was also seen between 7405-7545 in last 6 sessions therefore Indian markets may be highly volatile in the beginning of next week. As selling was seen last Friday also therefore some down moves are expected between last 6 sessions range but finally next trend will get confirmation from following crucial levels:-
1- 7405-7543(First indication)
2- 7310-7600(Final confirmation)
Although valid break out of above crucial levels should be firstly watched in next week but expected that in every situation(best to worst) Nifty will firstly trade between or near about 7310-7600 with high volatility and finally will move above 7600 decisively without sustaining below 7310.