Technical Analysis,Research & Weekly Outlook
(Mar 25 to Mar 28,2013)
Nifty-EOD Chart (22-Mar-2013):- |
| Just click on chart for its enlarged view |
1- 4531.15 on 20-12-2011(Wave-3 beginning after 13 Months Wave-2 correction completion)
2- Wave 1(5629.95 on 22-02-2012)
3- Wave 2(4770.35 on 04-06-2012)
4- Wave i(5348.55 on 10-07-2012)
5- Wave ii(5032.40 on 26-07-2012)
6- Wave iii(5815.35 on 05-10-2012)
7- Wave iv(5548.35 on 20-11-2012)
8- Wave v(6111.80 on 29-01-2013)
9- Wave 3 completion
10- Wave A(5663.60 on 04-03-2012)
11- Wave B(5971.20 on 11-03-2012)
12- Wave C bottom formation at 5631.80 on 22-03-2012
13- Wave 4 correction continuation
14- 200 Day EMA at 5672 on 22-03-2012
Conclusions from EOD chart analysis
'ABC' correction continuation after Wave v of Wave 3 completion. As correction continuation after 5 waves completion and its completion confirmation is required yet and following retracement levels of wave 3(4770-6111) should be firstly watched:-
13.0%- 5936(Corrected)
23.6%- 5794(Corrected)
27.0%- 5748(Corrected)
38.2%- 5598(Most crucial Levels)
50.0%- 5440(Most crucial Levels)
61.8%- 5282(Most crucial Levels)
70.7%- 5162
76.4%- 5086
78.6%- 5056
88.6%- 4922
Next supports are as follows:-
1- 5664
2- 5548
Wave C bottom formation at 5631.80 on 22-03-2012 and 27.0% has been completed. Previous 2 sessions closing below Long Term Trend decider 200 Day EMA(5672) and Wave 4 correction completion confirmation is requird yet therefore sustaining beyond 5672 should be firstly watched in next week for first indication of Wave C of Wave 4 completion.
Pre-open Outlook(25-03-2013)
Most Asian markets are strong today after US markets closing with good gains last Friday therefore positive opening will be seen in Indian markets and sustaining above following resistances will be strong indication of correction completion otherwise Bounce Back or Pull Back Rally will be understood.
1- 5676-5690
2- 5731-6777
3- 5820-5850