Next Target of Nifty at 9134.20
Technical Analysis,Research & Weekly Outlook
(Apr 25 to Apr 29,2016)
Waves Structure of Post Budget-2016 Rally
Nifty-EOD Chart (22-Apr-2016):-
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1- Impulsive Wave-i of Wave-5(on Long Chart) beginning after bottom formation at 6825.80 on 29-02-2016
2- Firstly 10 sessions sideways trading between 7405.15-7583.70
3- Secondly 16 sessions sideways trading between 7516.85-7777.60
4- Forceful break out of Long Term Trend decider 200 Day EMA(today at 7766) on 13-04-2016
5- Last 4 sessions sideways trading between 7842.75-7978.45
5- Rally continuation with Recent top of Wave-i of Wave-5 formations at 7978.45 on 21-04-2016
6- Forceful break out of Long Term Trend decider 200 Day EMA(today at 7771) on 13-04-2016 and last 5 sessions closing above it
Conclusions from EOD chart analysis
Rally continuation after all trends turning up confirmations because last 5 sessions closing above Long Term Trend decider 200 Day EMA(today at 7771) therefore rally continuation will be expected above the top(7978.45) of on going pull back rally.
96 sessions Inverse Head & Shoulders Pattern formations
Nifty-EOD Chart (22-Apr-2016):-
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1- 96 sessions Inverse Head And Shoulders pattern formations with its Neckline at 7980
2- Head formation at 6825.80 on 29-02-2016
Conclusions from EOD chart analysis
Head formation at 6825.80
Neckline of pattern is at 7980
7980-6825.80= 1154.20 points distance between Head and Neckline
Inverse Head and Shoulders Neckline broken out confirmation will mean next target of Nifty at 7980+1154.20=9134.20
Nifty-Intra Day Chart (Apr 18 to Apr 22,2016):-
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1- Up moves with intraday corrections on 18-04-2016
2- Down moves in Bullish Falling Channel on 20-04-2016
3- Last 5 hours sideways trading between 7878-7920 on 20-04-2016
4- Mixed Patterns between 7963-7978 on 21-04-2016
5- Mixed Patterns between 7926-7947 on 21-04-2016
6- Support between 7874-7894 on 22-04-2016
7- Support between 7886-7892 on 22-04-2016
8- Down moves in Bullish Falling Channels on 22-04-2016
9- 4 Sessions actual trading between 7843-7978
Conclusions from 4 Sessions intra day chart analysis
Last 4 sessions trading with consolidation and Mixed Patterns formations and clear selling patterns were not seen therefore more signals of up moves but follow up consolidation is also required between or near about 7926-7978 because some selling within this range was also seen on 21-04-2016. As whole day consolidation patterns formations on 22-04-2016 and some consolidation was also seen at lower levels in last 4 sessions therefore strong possibility of fresh up moves above last 4 sessions highest(7978) after follow up consolidation.
Conclusions (After Putting All Studies Together)
Following lines have been told in "last 3 sessions Outlooks":-
1- Next resistances between 7920-7980
2- Nifty has to prepare for next decisive moves between 7843-7980 and finally sustaining it beyond will be next big moves confirmation.
Nifty could not cross 7980 in last 3 sessions of previous week and traded between 7843-7980,it is confirm that finally sustaining it beyond will decide Next 3% Moves.
As more consolidation in last 4 sessions therefore strong possibility of fresh up moves above last 4 sessions highest(7978) after follow up consolidation which will pave the way for final up moves above 9134.20 also.