|Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 27 Dec'13|
|Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 27 Dec'13|
|Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 27 Dec'13|
Learning from last Week: (click here for the previous post)
- Bulls keep the December candle Green in line with the long term 'Three Inside up' #M1.
- November's 'Hanging man influence' #M1 - again on hold last week.
Support & Resistance:
- Bulls stay clear of the 13 SMA on the EOW #W1 and inch towards the ATH.
- Bull momentum high, as index kept above 5 EMA on the EOD #D1.
- EOD - 50 SMA and 200 SMA stay crossed bullishly in a Golden Cross #D1.
- Bulls get the advantage as the short term 5 EMA moves above the 13 SMA #D1.
- STS stays above resistance line #W2, a strong support for Bulls.
Looking Forward into this Week:
- Bullish 'Three Inside up' (Study link here, here or elsewhere) on the Long Term Chart #M1, still active after producing a new ATH in December.
- Hanging man (study here, here or elsewhere) candle of November #M1, continues to influence the above.
- 34 EMA, 50 SMA and Channel Mid line remain Good Supports #D1.
- Week channel top #W1 remains a pretty decent resistance for Bulls.
- Golden Cross (study here, here or elsewhere) 50 & 200 SMA - can continue to give the Bulls verve to attempt new ATHs.
- Closing December above November's Open (6290) sets up a mild Bullish Engulfing Pattern - making this number, the one, Bulls would want to hold #M1.
- STS keeping above its support line, works for the Bulls #W2.
- The Nifty Wall for the current series is 6280 (Wall = Approx Hawala rate - study link here, here or elsewhere).
Bulls seek to close December above 6290 and attempt another attack on the ATH - Bears hope to slip below the Wall and avoid being Engulfed #M1.