Market Outlook(27-05-2011)
Just click follwing Links of EOD and intraday chart analysis to understand today market;-
1- Nifty-Micro Analysis of Intra Day Chart For 27-05-2011
2- Technical Analysis of EOD Chart and Research
Conclusions
Moderate gains yesterday after good consolidations between 5330-5355 and bullish reversal patterns in previous sessions. As emergence of Bullish trend reversal pattern therefore rally and upmoves expectations are alive now but strong resistances at higher levels and minimum one resistance crossing will be confirmation of rally.
Following levels were given yesterday and Nifty honoured them completely:-
Following line was told in Mid-session Outlook at 11:05:00 AM Yesterday:-
"Today intra day charts are showing consolidations and move above 5422 will be strong rally confirmation"
Yesterday highest was at 5422.20 and Nifty could not moved above it.
Following line was told in Mid-session Outlook-2 at 02:04:00 PM Yesterday:-
"Next moves preparation range is 5350-5395"
Steep fall was seen after my above statement but Nifty could not dipped below 5350 and sharply surged from 5354
No indication of down moves yesterday and rally also expected but next resistance is between 5422-5444 and expected that Nifty will consolidate below or near about this range in the coming sessions and after that rally will be seen in the coming week. Expected that Nifty will firstly hover around 5400 and after some more consolidations 5444 will be crossed in the coming week. Next resistance range(5422-5444) crossing will mean strong rally.