(25-05-2011)
Technical Analysis and Researches have already been posted in following topics with 2 Charts therefore not being repeated:-
1- Technical Analysis of EOD Chart and Research For 25-05-2011
2- Nifty-Micro Analysis of Intra Day Chart For 25-05-2011
3- Nifty- Correction in Continuation pattern Pennant Formations
Conclusions
All trends are down. Correction started from Diwali 2010 day with formation of 'ABC' and correction has been completed at 5177 and after its completion 4th corrective wave has alsocompleted. 5th impulsive wave and Rising Trend Line of Pennant started after that.
5th wave trend line and Rising line continuation Pennant pattern had been broken down in last 2 sessions but down moves were without force. Last 15 sessions down moves were also without force and trend reversal Falling Wedge(Bullish Pattern) Formation seen in 15 previous sessions also.
Nifty traded whole day between 5367-5422 on 24-05-2011 with intraday consolidation patterns and intraday chart formed 5 Waves of Falling Wedge(Bullish) reversal patterns. Some consolidation indications were also seen between 5375-5400 on 23-05-2011.
Strong indications of base formations between 5367-5422 in 2 previous sessions. Break out of 5367-5422 will be watched for next moves confirmations but sustaining above 5422 and begining of pull back rally expected in the coming couple of sessions.