Technical Analysis,Research & Weekly Outlook
(Aug 13 to Aug 17,2012)
Nifty-EOD Chart (10-08-2012):-
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Technical Patterns and Formations in EOD charts
1- Rally beginning from 4531.15 on 20-12-2011
2- Impulsive Wave1-1 completion and corrective Wave-2 beginning from 5629.95 on 22-02-2012.
3- Corrective Wave1-2 completion and impulsive Wave-3 beginning from 4770.35 on 04-06-2012.
4- Sub Wave-1 correction of impulsive Wave-3 beginning
5- Sub Wave-2 correction of impulsive Wave-3 copmletion.
6- Sub Wave-2 correction of impulsive Wave-3 copmletion.
7- Sub Wave-3 of impulsive Wave-3 continuation
8- Upward cross over in MACD
9- Sustaining above Long Term Trend decider 200-Day SMA and 200-Day EMA
Conclusions from EOD chart analysis
All trends are up and and Sub Wave-3 of impulsive Wave-3 is continued. Very short term correction is on for the last 3 sessions which got support at rising trend line on 10-08-2012.
Nifty-Micro Analysis of 3 Sessions Intra Day Chart
(Aug 13 to Aug 17,2012)
Nifty-Intra Day Chart (Aug 13 to Aug 17,2012):-
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Technical Patterns and Formations in last 3 Sessions intraday charts
1- Consolidation between 5338-5346 on 08-08-2012.
2- Down moves in Falling Channel without much selling and showing consolidation indications on 09-08-2012.
3- Support between 5313-5323 on 09-08-2012.
4- Support between 5295-5312 on 10-08-2012.
Conclusions from 3 Sessions intra day chart analysis
Although markets slipped in last 2 days but intraday supports seen daily and falling patterns are showing consolidation formations. Finally intraday supports at lower levels was seen on 10-08-2012 also therefore expected that last 3 sessions are only corrective moves and strong indications of correction completion also.
Conclusions (After Putting All Studies Together)
Indian markets are Bullish after sustaining above 200-Day SMA and 200-Day EMA but very short term correction is on for the last 3 sessions. Correction completion strong indications after good support at lower levels on 10-08-2012 and finally sustaining above 5323 will be correction completion confirmation. As last 3 sessionsintraday charts are showing most time consolidations and lower levels supports also seen therefore correction completion almost confirmation.
Expected that Bull will welcome in next week and finally strong rally above 5377 will be seen as well as levels near 5600 are expected.
