Monday, December 23, 2013

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Support at 13 again - Week 4 of December 2013.

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 20 Dec'13

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 20 Dec'13

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 20 Dec'13

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


  • Bulls make the December candle Green in line with the long term 'Three Inside up' #M1.
  • November's 'Hanging man influence' #M1 - on hold last week.
  • Last three candles on the EOW #W1, show a failed 'Three Outside Down'.
Support & Resistance:
  • Bulls again find  support around the 13 SMA on the EOW #W1.
Moving Averages:
  • EOD - 50 SMA and 200 SMA stay crossed bullishly in a Golden Cross #D1. 
  • Bulls find support at the confluence of the 34 EMA and 50 SMA on the EOD #D1.
  • Bulls yet to dominate the Short Term Screen as the 5 EMA stayed below the 13 SMA, all last week on the Day Chart #D1. 
  • STS stays above resistance line #W2, which was a strong support for Bulls as expected. 

Bulls hold on to the short term screen - Bears again fail at the Weekly 5 EMA #W1.

Looking Forward into this Week:


  • Bullish 'Three Inside up' (Study link herehere or elsewhere) on the Long Term Chart #M1, still active after producing a new ATH in December. 
  • Hanging man (study herehere or elsewhere) candle of November, continues to influence the above.
Support & Resistance:
  • 34 EMA, 50 SMA and Channel Mid line remain 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 continue to give the Bulls verve to attempt new ATHs.
  • Keeping above the 5 EMA on the EOW (6200), #W1, Bulls retain momentum to attempt another attack on the recent ATH #W1.
  • STS keeping above its support line, works for the Bulls #W2.

Bulls seek to keep clear above the 13 SMA (EOW) and attempt another attack on the ATH - Bear hope rests on the  Hanging man candle of November #M1.