Lalit Dhingra
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Bulls & Bears Semi Final between 8470.50-8640 in Next W

Lalit Dhingra at 11:44 PM - Mar 22, 2015 ( ) Views: 602


Bulls & Bears Semi Final between 8470.50-8640 in Next Week

Technical Analysis,Research & Weekly Outlook

(Mar 23 to Mar 27,2015)

Nifty-Intra Day Chart (20-Mar-2015):-

Just click on chart for its enlarged view

Technical Patterns and Formations in today intraday charts


1- All Down moves in Bullish Falling Channel

2- Whole day actual trading between 8553-8627


Conclusions from intra day chart analysis 


Although whole day down moves in a complete negative zone trading day and 0.74 down closing but as selling patterns formations were not seen but on the contrary Down moves were seen in Bullish Falling Channel which is a consolidation pattern therefore firstly Bounce Back possibility in the beginning of next week.


Long Term Trend is up, Intermediate and Short Term Trends turned down despite most positive following news:-


1- Market Friendly Union Budget on 28-02-2015.

2- RBI rates cut on 04-03-2015.  

3- Insurance Laws Amendment Bill, 2015 was passed by the Rajya Sabha on 13-03-2015.

4- Positive news of rates hike delaying in FOMC on 18-03-2015 night.


As selling developed after such encouraging positive news therefore following resistances have developed at higher levels:- 


1- 8738-8788

2- 8805-8825

3- 8920-8943

4- 9023-9096


For EOD Charts analysis Just click following previous Week Analysis Topic:-


Sustaining beyond 8672 will decide the fate of on going Correction


Following crucial conclusions were updated in above topic:-


1- Bearish Head and Shoulders pattern formations in last 20 sessions and Neckline at 8672

2- Corrective Sub Wave-2 is on and expected that technically it should complete near about or above 8543 and impulsive Sub Wave-3 should start for fresh up moves above the top of Sub Wave-1(9119.20).


Corrective Wave-4 of Wave-v of Wave-3 completed at 8470.50 on 10-02-2015 and Impulsive Sub Wave-1 of Wave-5 of Wave-v of Wave-3 started which completed at 9119.20 on 04-03-2015 and Corrective Sub Wave-2 started and now it is in continuation. 


Last 2 supports of Impulsive Sub Wave-1 are as follows:- 


1- 8590-8640(Broken down)

2- 8484-8580


Although 1st support was broken down and closing below it on 20-03-2015 but intraday consolidation patterns were seen same day therefore minor signal of correction completion because fresh consolidation was seen in last support ranges of Impulsive Sub Wave-1. As positive news based selling at higher levels therefore follow up complete consolidation is firstly required for Corrective Sub Wave-2 completion and  Impulsive Sub Wave-3 beginning. Until Nifty will not slip below 8470.50 till then mentioned Waves structure will maintain and possibility of Sub Wave-3 formations will remain alive for fresh up moves above the top of Sub Wave-1(9119.20).


Wave-4 of Wave-v of Wave-3 started from 8470.50 on 10-02-2015 and its 0.886%(8543.99) retracement has been almost completed in previous week. As supports between 8484-8640 and intraday consolidation was also  seen last Friday therefore firstly Nifty will trade and prepare for next big moves between 8470.50-8640 for following decisive big moves:-


1- Once slipping below 8470.50 will mean Sharp fall

2- Sustaining above 8640 after complete consolidation will mean first strong signal of Sub Wave-3 formation towards new life time high above 9119.20


Semi Final between Bulls & Bears will be played between 8470.50-8640 in Next week and its break out will decide their big victory.

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