Nifty at Most Crucial and Strong Support Range
Technical Analysis,Research & Weekly Outlook
(Dec 16 to Dec 20,2013)
Nifty-EOD Chart (13-Dec-2013):-
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1- Bottom formation at 5118.85 on 28-08-2013 and Wave-1 beginning
2- Wave-1(6142.50 on 19-09-2013)
3- Wave-2(5700.95 on 01-10-2013)
4- Wave-i of Wave-3(6342.95 on 03-11-2013)
5- Wave-ii of Wave-3(5972.45 on 13-11-2013)
6- Wave-iii of Wave-3(6415.25 on 09-12-2013)
7- Wave-iv of Wave-3 continuation with recent bottom formation at 6161.40 on 13-12-2013.
Conclusions from EOD chart analysis
Corrective Wave-iv of Wave-3 continuation and following supports should be firstly watched for its completion:-
1- 6156
2- 6032
3- 5972
Following retracement levels should also be watched for correction completion:-
13.0%-6357(Retraced)
23.6%-6310(Retraced)
27.0%-6295(Retraced)
38.2%-6245(Retraced)
50.0%-6193(Retraced)
61.8%-6141(Crucial retracement level and just below next supports at 6156)
70.7%-6101
76.4%-6076
78.6%-6066
88.6%-6022
Crucial 61.8% retracement level is at 6141 and next support is just above at 6156 as well as recent bottom formation at 6161.40 in previous trading session therefore range of 6141-6156 become most crucial strong support and next trend deciding range.
Nifty-Intra Day Chart (13-Dec-2013):-
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1- Whole day down moves in Bullish Falling Channels.
3- Whole day actual trading between 6161-6206
Conclusions from intra day chart analysis
Whole day down moves in Bullish Falling Channels on 13-12-2013 therefore generations of first signal of on going correction completion but follow up consolidation is must in the beginning of next week.
Conclusions (After Putting All Indicators Together)
6141-6156 has become most crucial strong support range and consolidation pattern formation just above it on 13-12-2013 therefore emergence of correction completion possibility near about mentioned range and firstly sustaining beyond this range should be watched in next week for corrective Wave-iv of Wave-3 continuation / completion.