Daily Indicators and Averages Analysis Chart
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1-Averages- Nifty is below all the averages(8,21,55,200 Day EMA) and showing oversold market. Nifty is below 200 Day EMA for the last 4 sessions therefore indicating weakness.
2-Bollinger Band- Nifty is trading at Lower Band for the last 4 sessions and showing oversold markets therefore indicaing an upmove mininmun upto middle line of Band which is at 5681.
3-MACD- MACD Line is below Average Line and both lines are near equalibrium line. Gap between both lines increased. As clear divergence between both lines therefore an upmove is expected to converge both lines.
4-ROC & RSI- Started to move up from oversold zone therefore indicating small upmove possibility
5-Slow Stochastic & William %R- Both very short term indicators have started to move up from oversold zone and indicating very short term up move.
Conclusions (After Putting All indicators Together)
All the indicators are telling bounce back and minimum very short term upmoves possibility.
Nifty-Micro Analysis of Intra Day Chart(09-05-2011):-
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1- Intraday support between 5507-5530.
2- Mixed Patterns between 5545-5570
Conclusions
Nifty traded most of the time between 5500-5560 in last 4 sessions and Nifty traded between 5507-5570 today with lower levels buying and higher levels mixed patterns. Now 5500-5570 is next moves confirmation range.
Conclusions (After Putting Daily Indicators and Intraday charts analysis together)
Next trading range is 5500-5570 and indicators are suggesting bounce back and minimum very short term upmoves possibility. Confirm consolidation between 5507-5530 today but mixed patterns patterns between 5545-5570 also.
Last 4 sessions trading range is 5500-5570 and Indian markets require more preparation for next move decisive break out within this range. Break out and sustaining beyond mentioned range will give following confirmations:-
1- Move below 5500 will be first indication and sustaing below 5444 will be bear market confirmation and in that situation 5178 will be possible.
2- Move above 5570/5579 will be up trend indication and confirmation will be sustaining above 200 Day EMA(5628),it will mean range bound Indian markets between 5444-5944