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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 11 Mar'14 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 11 Mar'14 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 11 Mar'14 |
Learning from last Week: (click here for the previous post)
Patterns:
- January and February Candles formed a 'Piercing Pattern' #M1. Bulls gain in March and have muted gains in April.
- Index forms engulfing pattern on weekly charts #W1. Evening star possibility on the Monthly charts #M1.
- The 5 EMA on the medium term charts #W1 was support for Bulls.
Moving Averages:
- Index closes above the short term 5 EMA #D1.
Indicators:
- MACD and its MA meet #D2, TRD nudging the 61.8% retrace drawn #M2.
Wrap:
Bulls control all screens - Bears mull evening stars #M1.
Looking Forward into this Week:
Patterns:
- Bullish 'Piercing Pattern' (Study link here, here or elsewhere) on the Long Term Chart #M1 is active and has produced new breakout Highs.
- Bullish Engulfing sets up a Three outside up ( Study link here, here or elsewhere) #W1.
- Bears see a possibility of an Evening Star formation #M1 (Study link here, here or elsewhere)
Support & Resistance:
- The current support is the April'14 Wall i.e. 6642 (Wall = Approx Hawala rate - study link here, here or elsewhere).
- EOD Channel top is now resistance for the Bulls #D1.
Moving Averages:
- Golden Cross (study here, here or elsewhere) of the 50 & 200 SMA is on and steady, even as index is clear above these SMAs #D1.
Indicators:
- TRD Indicator staying above the 61.8% retrace boosts bulls #M2. MACD sliding below its MA favors Bears #D2.
Wrap:
Bears hope for a Evening star #M1, Bulls need to stay above last week's close - to continue the bull run with a 'Three outside up' #W1.
