Technical Positions and next possibilities have already been posted in following topic with 7 charts yesterday therefore not repeated today:-
1-Nifty-Micro Analysis of Intra Day Chart(23-05-2011)
2-Weekly Outlook(May 23 to May 27,2011)
US markets closed more then 1% down yesterday but Asian markets are almost flat therefore sentiment is quiet and Indian markets opening will be almost flat.
All trends are down and all the technical indicators are suggesting Bearish markets. Last confirmation point is sustaining below 5444. Nifty traded whole day below it yesterday and also moved bolow strong support(5402).
As yesterday down moves were the impact of crashing global markets therefore clear selling patterns are required below 5402 for Bearish markets confirmations. Nifty traded last 3 hours between 5375-5400 yesterday but patterns were mixed and if Nifty sustains below 5375 today then it will be bear market confirmation and in that situation Indian markets will be deep down. Sustaining above 5400 will mean alive of Bullish markets expectations and crossing 5444 will be sigh of releaf of Bulls.
Sustaining beyond 5375-5400 will be next move decider and will be watched first for next moves confirmations.
1-Nifty-Micro Analysis of Intra Day Chart(23-05-2011)
2-Weekly Outlook(May 23 to May 27,2011)
US markets closed more then 1% down yesterday but Asian markets are almost flat therefore sentiment is quiet and Indian markets opening will be almost flat.
All trends are down and all the technical indicators are suggesting Bearish markets. Last confirmation point is sustaining below 5444. Nifty traded whole day below it yesterday and also moved bolow strong support(5402).
As yesterday down moves were the impact of crashing global markets therefore clear selling patterns are required below 5402 for Bearish markets confirmations. Nifty traded last 3 hours between 5375-5400 yesterday but patterns were mixed and if Nifty sustains below 5375 today then it will be bear market confirmation and in that situation Indian markets will be deep down. Sustaining above 5400 will mean alive of Bullish markets expectations and crossing 5444 will be sigh of releaf of Bulls.
Sustaining beyond 5375-5400 will be next move decider and will be watched first for next moves confirmations.