Monday, December 9, 2013

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Clear above 13 - Week 2 of December 2013.

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 06 Dec'13

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 06 Dec'13

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 06 Dec'13

Learning from the Past Week: (click here for the previous post)


  • Bulls fail to capitalize on the long term 'Three Inside up' #M1 - bears claim honors for November.
  • November's candle close to being a Hanging man. 
Support & Resistance:
  • Bulls keep Index above the 76.4% Fibonacci retrace of the 'Jan'12 low to All time high'  #D1.
  • Bulls gain above the 13 SMA on EOW #W1, 5 EMA was Support.
Moving Averages:
  • EOD - 50 SMA and 200 SMA stay crossed bullishly in a Golden Cross #D1. 
  • Bulls find momentum above the 5 EMA (Weekly) #W1 to progress towards the ATH.
  • STS bounces off resistance line #W2 which was a strong support for Bulls as expected.  
  • Divergence (study) of the TRD to Price from last ATH (Oct 2011) to this ATH (Oct 2013) apparent #M2.

Bulls retain control of all Screens - Bears fail at the Daily 5 EMA #D1 and Weekly 5 EMA #W1.

Looking Forward into the next Week:


  • Bullish 'Three Inside up' (Study link herehere or elsewhere) on the Long Term Chart still active #M1. 
  • Hanging man (study herehere or elsewhere) candle's effect, now influences the above.
Support & Resistance:
  • 34 EMA and Channel Mid line are Good Supports #D1.
  • Week channel top #W1 remains a pretty decent resistance for Bulls.
Moving Averages: 
  • Golden Cross (study herehere or elsewhere) 50 & 200 SMA - can give the Bulls verve to attempt a new ATH.
  • Keeping above the 5 EMA on the EOW (6160), #W1, Bulls retain momentum to attempt another attack on the ATH #W1.
  • MACD and its MA move up, after a Bullish cross and deflection off the zero line #D1.
  • STS keeping above its support line, works for the Bulls #W2.

Bulls seek to keep clear of the 13 SMA EOW and attempt another attack on the ATH - Bear hope hangs on the Hanging Man candle's effect #M1.