Detailed Technical Analysis have already been posted in following topics in last 4 days and no change in positions today therefore not being repeated. As last 4 days postd analysis will have impact on today trading also therefore useful links are as follows;-
1- Weekly Outlook(09-05-2011 to 13-05-2011)
As intraday chart analysis is important for tomorrow and coming sessions trading therefore today Intraday chart and 5 days intraday charts analysis are as follows:-
Nifty-Micro Analysis of 5 days Intra Day Charts:-
Nifty-Micro Analysis of today Intra Day Chart(10-05-2011):-
Conclusions from today intraday charts analysis
Nifty traded most time between 5500-5560 in last 4 days and Nifty firstly traded between this range today,immediately broken out and crossed 5560. Nifty traded 4 hours between 5560-5590 but break out was lacking force therefore rally was doubtful and I told 2 times in 2 outlooks and clearly told for confirmation requirements through sustaining above 5592.
As suspected same happened and market slipped sharply after intraday selling betwen 5562-5590. Minor intraday support also seen between 5515-5532 today
Conclusions from 5 days intraday charts analysis
Main features are as follows:-
1- Trading range 5450-5590
2- Most time trading range 5500-5560
3- Multipal Resistances
4- Multipal Supports
5- Rising Channel Formations
Conclusions (After Putting analysis together)
Main features are as follows:-
1- All trends are down
2- 5th wave is still on.
3- Continuation pattern Pennant is still existing and it means rally hopes are alive.
4- Indicators are suggesting short term up moves possibility.
5- Good selling at higher levels therefore market requires complete consolidations
Range bound trading between 5450-5590 in last 5 days and Nifty traded most time between 5500-5560. Multipal Resistances and multipal supports in last 5 days. Supports at lower levels and resistances at higher levels therefore market will not move any side and first trade between 5525-5565 tomorrow,much movements not expected and also closing expected within this range. Firstly market will prepare then next moves will be decided according to intraday charts formation in the coming sessions. next moves confirmation levels are as follows;-
1- 5500-5560
2- 5450-5590
1- Weekly Outlook(09-05-2011 to 13-05-2011)
Nifty-Micro Analysis of 5 days Intra Day Charts:-
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| Just click on chart for its enlarged view |
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| Just click on chart for its enlarged view |
Nifty traded most time between 5500-5560 in last 4 days and Nifty firstly traded between this range today,immediately broken out and crossed 5560. Nifty traded 4 hours between 5560-5590 but break out was lacking force therefore rally was doubtful and I told 2 times in 2 outlooks and clearly told for confirmation requirements through sustaining above 5592.
As suspected same happened and market slipped sharply after intraday selling betwen 5562-5590. Minor intraday support also seen between 5515-5532 today
Conclusions from 5 days intraday charts analysis
Main features are as follows:-
1- Trading range 5450-5590
2- Most time trading range 5500-5560
3- Multipal Resistances
4- Multipal Supports
5- Rising Channel Formations
Conclusions (After Putting analysis together)
Main features are as follows:-
1- All trends are down
2- 5th wave is still on.
3- Continuation pattern Pennant is still existing and it means rally hopes are alive.
4- Indicators are suggesting short term up moves possibility.
5- Good selling at higher levels therefore market requires complete consolidations
Range bound trading between 5450-5590 in last 5 days and Nifty traded most time between 5500-5560. Multipal Resistances and multipal supports in last 5 days. Supports at lower levels and resistances at higher levels therefore market will not move any side and first trade between 5525-5565 tomorrow,much movements not expected and also closing expected within this range. Firstly market will prepare then next moves will be decided according to intraday charts formation in the coming sessions. next moves confirmation levels are as follows;-
1- 5500-5560
2- 5450-5590