Technical Analysis,Research & Weekly Outlook (Mar 26 to Mar 30,2012)

Technical Analysis and Research of EOD charts,Micro Analysis of Nifty Intra Day Chart,Technical Positions,next possibilities have already been explained in following topics with 3 Charts therefore not being repeated. Just click following topic links and go through detailed analysis for trading in next week:-

1-Finally impulsive wave-3 Rally after Correction Completion

2-Long Term Trend Decider 200-Day EMA & 200-Day SMA 

3-Nifty-Micro Analysis of Intra Day Chart(23-Mar-2012)

Conclusions (After Putting All Studies Together)

Long term trend is up,Intermediate term and Short term trends are down in Intermediate term correction. 1098.80 Nifty Points rally in 45 sessions and its correction is on from 22-02-2012 but without any reversal pattern and Continuation pattern 'Symmetrical triangle' formation is visible in 23 sessions correction EOD Chart therefore expected that rally begun from 4531.15 on 20-12-2011 will continue after on going correction completion.

Correction is on after good selling at higher levels. Although good support seen above 5200 in previous week but correction is on and in this precess testing possibility of Long term trend decider 200-Day SMA(5156) can not be ruled out and until Nifty will not sustain below it till then Uptrend will remain intact.

Expected that Nifty will trade between 5156-5380 in the coming week and will prepare for fresh rally as well as Nifty will not sustain below 200-Day SMA and finally impulsive wave-3 rally will be seen after completion of corrective Wave-2.

Fig: BREAKOUT AND BREAKDOWN LEVELS