Technical Analysis and Research For 17-05-2011
Range bound quiet market between 5490-5530 today and no material chage in EOD charts and indicators positions therefore no need to update today and just click following link for detailed analysis of EOD Charts:-
Weekly Outlook(16-05-2011 to 20-05-2011)
Nifty-Micro Analysis of Intra Day Chart(16-05-2011):-
Main Features
1- Range bound quiet market between 5490-5530
2- Selling indications between 5515-5530
3- Buying indications between 5490-5508
Conclusions
Market was whole day quiet and range bound after gap down opening. Market slipped but without force and above mentioned minor selling and buying indications only. Patterns are mixed and not suggesting clear indications today.
Tomorrow(17-05-2011) Outlook
As higher levels selling indicatons and lower levels buying indications therefore expected that market will take fresh positions within today range first and then today range break out will give direction to Indian markets in the coming sessions.
Last 8 days range(5444-5605) maintained today and not broken out and expected that it will be decided tomorrow that 5444 is surviving or not. Tomorrow intraday selling will mean testing of 5444 and slipping below possibility also. Follow up buying and sustaining above 5530 will mean testing possibility of next resistance range(5590-5605)
Range bound quiet market between 5490-5530 today and no material chage in EOD charts and indicators positions therefore no need to update today and just click following link for detailed analysis of EOD Charts:-
Weekly Outlook(16-05-2011 to 20-05-2011)
Nifty-Micro Analysis of Intra Day Chart(16-05-2011):-
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| Just click on chart for its enlarged view |
1- Range bound quiet market between 5490-5530
2- Selling indications between 5515-5530
3- Buying indications between 5490-5508
Conclusions
Market was whole day quiet and range bound after gap down opening. Market slipped but without force and above mentioned minor selling and buying indications only. Patterns are mixed and not suggesting clear indications today.
Tomorrow(17-05-2011) Outlook
As higher levels selling indicatons and lower levels buying indications therefore expected that market will take fresh positions within today range first and then today range break out will give direction to Indian markets in the coming sessions.
Last 8 days range(5444-5605) maintained today and not broken out and expected that it will be decided tomorrow that 5444 is surviving or not. Tomorrow intraday selling will mean testing of 5444 and slipping below possibility also. Follow up buying and sustaining above 5530 will mean testing possibility of next resistance range(5590-5605)