Technicals of Indian markets have already been posted in following 3 topics therefore just click following topics and understand Indian markets:-
1- Nifty-Micro Analysis of Intra Day Charts
2- Weekly Chart Analysis
3- Trend Decider Pennant Pattern
Conclusions (After Putting All Studies Together)
All Bullish barriers have been broken down in last 7 sessions sharp down moves. All trends are down and 200 Day EMA has been broken down as well. 5th impulsive wave is on within continuation Pennant Pattern formations. Nifty is hovering around at lower levels existing Rising trend line of Pennant for the last 3 sessions with low at 5444 and high at 5579. Until complete consolidation will not happen till then market will not reverse. Firstly complete consolidations and after that sustaining above minimum one resistance is must for an up move confirmations. Nifty traded most of the time with mixed trading patterns between 5500-5560 in last 3 sessions,break out and sustaining beyond this range will give following confirmations:-
1- Nove 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 5560/5579 will be up trend indication and confirmation will be sustaining above 200 Day EMA(5629),it will mean range bound Indian markets between 5444-5944
It is very much clear from Nifty-Micro Analysis of 3 Days Intra Day Charts(04-05-2011 to 06-05-2011) that 3 sessions most time trading range is 5500-5560 and intraday patterns within this range are mixed, Nifty will first trade in next week within or little above/below mentioned range and prepare for next moves. Break out implications of mentioned range have already been discussed above.
Finally break out,sustaining above 5560 and Green weekly closing expected in the coming week but precautionally sustaining beyond 5500-5560 will be watched for safety.
1- Nifty-Micro Analysis of Intra Day Charts
2- Weekly Chart Analysis
3- Trend Decider Pennant Pattern
Conclusions (After Putting All Studies Together)
All Bullish barriers have been broken down in last 7 sessions sharp down moves. All trends are down and 200 Day EMA has been broken down as well. 5th impulsive wave is on within continuation Pennant Pattern formations. Nifty is hovering around at lower levels existing Rising trend line of Pennant for the last 3 sessions with low at 5444 and high at 5579. Until complete consolidation will not happen till then market will not reverse. Firstly complete consolidations and after that sustaining above minimum one resistance is must for an up move confirmations. Nifty traded most of the time with mixed trading patterns between 5500-5560 in last 3 sessions,break out and sustaining beyond this range will give following confirmations:-
1- Nove 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 5560/5579 will be up trend indication and confirmation will be sustaining above 200 Day EMA(5629),it will mean range bound Indian markets between 5444-5944
It is very much clear from Nifty-Micro Analysis of 3 Days Intra Day Charts(04-05-2011 to 06-05-2011) that 3 sessions most time trading range is 5500-5560 and intraday patterns within this range are mixed, Nifty will first trade in next week within or little above/below mentioned range and prepare for next moves. Break out implications of mentioned range have already been discussed above.
Finally break out,sustaining above 5560 and Green weekly closing expected in the coming week but precautionally sustaining beyond 5500-5560 will be watched for safety.