Technical Analysis of EOD Chart(05-05-2011)
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Next 3 bottoms are next supports:-
B3- 5348
B2- 5233
B1- 5178
Conclusions
Nifty was already below 55 Day EMA and 200 Day EMA and continuation pattern Pennant cancelled today after breaking down of 5485. Bearish phase confirmation and selling at each step.
Nifty-Micro Analysis of Intra Day Chart(05-05-2011):-
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Main Features
Genuine selling between 5525-5560
Mixed Patterns between 5455-5490
Conclusions
Genuine selling between 5525-5560 and this selling was confirmed at 10:33:00 AM today and following line was told 3 hours before today down move begining:-
"Selling signals emerged between 5540-5559 today"
As mixed Patterns between 5455-5490 today therefore Nifty will first trade within or near about this range for next moves preparations.
Conclusions (After Putting EOD and Intraday charts analysis together)
Bear phase is confirm and following line was also told at 01:15:00 PM in Mid-session Outlook-3:-
Now bear market confirmation and more down moves are possible.
Market require complete consolidation for any rally and until that will not haappen till then any rally will not be imagined. 1st reistance range as of today is 5525-5560 and any rally begining will be considered only after sustaining above 5560. Mentioned B1 to B3 will be watched for next supports and pull back rally may be seen from these points in next week.
Sentiment depressed therefore voltality may be seen and Nifty will first trade within or near about 5455-5490 for next moves preparations.