Technical Analysis of EOD Chart(04-05-2011)
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1- Intraday condolidation(support) 5496-5529
2- Gap support between 5485-5496
3- Support at Rising Trendline(5485)
Conclusions
All trends are down and only hope for Bull Market survival is Continuation Pattern Pennant Formation(Bullish). Its Rising Trendline has not been intersected downward yet. Next Gap support is between 5485-5496 and has not been tested in recent fall.
Nifty sustaining below 5485 will be Pennant breaking down and failure of next support(5485-5496) confirmation. Sustaining beyond 5485 will be watched now and it is last hope of Bull market survival.
Nifty-Micro Analysis of Intra Day Chart(04-05-2011)
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1- Panic Top
2- Intraday Resistance 5532-5546
3- Intraday support 5510-5530
Conclusions
Nifty opened gap up,consolidated between 5496-5529 on 24-03-2011 and after that rally upto 5944 was seen. Nifty again traded between this range today. Selling seen between 5532-5546 today and intraday support also seen between 5510-5530 today.
Conclusions (After Putting EOD and Intraday charts analysis together)
5496-5529 is strong suppport range and Nifty traded most of the time between 5510- 5550 today therefore next trading range for tomorrow is 5496-5550 and break out of this range will give almost confirmation to next phase of Indian markets.
Breaking down 5496 will mean that Nifty 5485 will not survive and Bearish phase will commence. Sustaining above 5550 will mean survival of Bull market but confirmation will be sustaining above 200 Day EMA.