Technical Analysis,Research & Weekly Outlook
(Apr 22 to Apr 26,2013)
Nifty-EOD Chart (18-Apr-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- Impulsive Wave 3 continuation
5- Wave i(5348.55 on 10-07-2012)
6- Wave ii(5032.40 on 26-07-2012)
7- Wave iii(5815.35 on 05-10-2012)
8- Wave iv(5548.35 on 20-11-2012)
9- Impulsive Wave v of Wave 3 completion at 6111.80 on 29-01-2013
10- Corrective Wave 4 continuation
11- Wave A(5663.60 on 04-03-2012)
12- Wave B(5971.20 on 11-03-2012)
13- Corrective Wave C of Wave 4 completion at 5477.20 on 10-04-2013
14- Impulsive Wave 5 continuation
15- 200 Day EMA and DMA at 5665 on 18-04-2012
Conclusions from EOD chart analysis
Following crucial levels were broken down during Corrective Wave 4 continuation:-
1- 5629.95(Top of Wave 1)
2- Long Term Trend decider 200 Day EMA
3- Long Term Trend decider 200 Day DMA
4- 5548.35(Strong support broken down)
As Nifty slipped below 5629.95(Top of Wave 1) therefore whole waves structure came in question and waves recounting was to be done. In fact whole this exercise had become beyond any calculation and understanding but even after that Pull Back Rally possibility was told on 14-04-2013 in Technical Analysis,Research & Weekly Outlook(Apr 15 to Apr 18,2013)
"FIIs bought more than 3200 Cr in Stock Futures during April 2013 and lower levels supports were also seen in last 7 sessions as well as Indicators are showing positive divergence in Oversold zone therefore Pull Back Rally possibility turned alive and valid break out of previous 7 sessions trading range(5478-5610) should be firstly watched in next week for next Short Term Trend confirmations"
Previous week was real savior of Waves structure through sustaining above 5629.95 and turning all trends up through sustaining above both Long Term Trend decider 200 Day EMA and DMA as well as Impulsive Wave 5 continuation confirmations after completion of Wave 4 correction.
Wave 5 formation means rally towards next target above the top of rally((6111.80) and also the possibility new all time high formation above 6357.10. Minor very Short Term corrections can not be ruled out any day in next week because sentiment may turn heated but finally Wave 5 rally will remain continued.