Technical Analysis and Research
Nifty-Technical Analysis of EOD Chart(17-05-2011)
Main Features
All trends are down and rising trend line of Wave-5 is broken down and closing below also.
Conclusions
Nifty sustaining below rising trend line of Wave-5 will be confirmation of continuation pattern Pennant breaking down also and it will be bearish phase confirmation as well.
Nifty-Micro Analysis of Intra Day Chart(17-05-2011):-
Main Features
1- Intraday Consolidation between 5425-5445
2- Whole day Falling channel down moves today.
3- Falling Channel Break out and closing above.
Conclusions
Although Indian markets were weak and 5444 also broken down today but down moves were without force and were down in falling channel. Intraday Consolidation between 5425-5445 and falling Channel broken out and closing above also. It is consolidation process in last 2 hours .
Conclusions & Tomorrow Outlook(After Putting EOD and Intraday charts analysis together)
All trends are down and rising trend line of Wave-5 is broken down and closing below also.Nifty sustaining below rising trend line of Wave-5 will be bearish market and continuation pattern Pennant breaking down confirmation and it will be decided in the coming couple of sessions.
As last 2 hours lower levels consolidations today therefore minimum a bounce back is expected tomorrow but US markets are sharp down today and tomorrow trading levels will depend on Asian markets reaction to US markets closing and sentiment tomorrow morning also. If Nifty sustaining below 5444 tomorrow then it will be steep fall confirmation.
Nifty-Technical Analysis of EOD Chart(17-05-2011)
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| Just click on chart for its enlarged view |
All trends are down and rising trend line of Wave-5 is broken down and closing below also.
Conclusions
Nifty sustaining below rising trend line of Wave-5 will be confirmation of continuation pattern Pennant breaking down also and it will be bearish phase confirmation as well.
Nifty-Micro Analysis of Intra Day Chart(17-05-2011):-
 |
| Just click on chart for its enlarged view |
1- Intraday Consolidation between 5425-5445
2- Whole day Falling channel down moves today.
3- Falling Channel Break out and closing above.
Conclusions
Although Indian markets were weak and 5444 also broken down today but down moves were without force and were down in falling channel. Intraday Consolidation between 5425-5445 and falling Channel broken out and closing above also. It is consolidation process in last 2 hours .
Conclusions & Tomorrow Outlook(After Putting EOD and Intraday charts analysis together)
All trends are down and rising trend line of Wave-5 is broken down and closing below also.Nifty sustaining below rising trend line of Wave-5 will be bearish market and continuation pattern Pennant breaking down confirmation and it will be decided in the coming couple of sessions.
As last 2 hours lower levels consolidations today therefore minimum a bounce back is expected tomorrow but US markets are sharp down today and tomorrow trading levels will depend on Asian markets reaction to US markets closing and sentiment tomorrow morning also. If Nifty sustaining below 5444 tomorrow then it will be steep fall confirmation.