Main features of today market is as follows:-
1- Long Red Candle
2- Selling between 5870-5890
3- Last 4 hours down move in Water Fall Pattern and it is bullish Formation
4- All Indices closed in Red
5- Higher levels selling and lower levels buying patterns in intra day chart.
Ratios:
Nifty Put Call Ratio: 0.91
Nifty P/E Ratio(18-04-2011): 21.66
Advances & Declines:
BSE ADVANCES : 1075
BSE DECLINES : 1844
NSE ADVANCES : 374
NSE DECLINES : 1040
Nifty Open Interest Changed Today:-
Nifty- 5700 CE(28APR2011)- +1674650(+69.73%)
Nifty- 5700 PE(28APR2011)- +391450(+5.40%)
Nifty- 5800 CE(28APR2011)- +2412350(+48.73%)
Nifty- 5800 PE(28APR2011)- -167200(-3.31%)
Nifty- 5900 CE(28APR2011)- +1117150(+18.96%)
Nifty- 5900 PE(28APR2011)- -593750(-17.96%)
Closing :-
Nifty- closed at 5,729.10(-95.45 Points &-1.64%)
Sensex- closed at 19,091.17(-295.65 Points & -1.53% )
CNX MIDCAP - closed at 8,197.30(-120.55 Points & -1.45%)
BSE SMALL CAP- closed at 8,737.06(-71.10 Points & -0.81%)
Nifty-Micro Analysis of Intra Day Chart(18-04-2011):-
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| Just click on chart for its enlarged view |
Correction is on and lower levels consolidation patterns in last 2 sessions:-
1- Falling Wedge(Bullish) Pattern on 15-04-2011
2- Water Fall(Bullish) Pattern on 18-04-2011
As lower levels consolidation patterns therefore only correction and Bear market possibility is negligible.
US markets are trading more than 1.5% down today and such weak closing will certainly hamper the sentiment tomorrow therefore and expected that in that situation most of the Asian markets will be weak and Indian markets gap sown opening possibility can not be ruled out tomorrow. Following levels testing possibility is also on in on going correction:-
1- 5716
2- 5680
2- 5651
3- 5561
Slipping is very much possible in tomorrow like market and above mentilned levels will be watched for correction completion confirmationans;-
1- Firstly stopping of down move
2- after that minimum intra day consolidation and then
3- crossing minimum 1 resistance will be next upmove confirmation.