Detailed Technical Analysis and Researches have been posted in following 5 topics with EOD and Daily Charts and technical reasons for next moves have been explained:-
1- Nifty-Averages and Indicators Analysis
2- Nifty-Elliot Waves Structure
3- Nifty- Correction in Continuation pattern Pennant Formations
4- Nifty-Micro Analysis of 10 Days Intra Day Chart
5- Nifty-Micro Analysis of Intra Day Chart(20-05-2011)
Conclusions (After Putting All Studies Together)
Nifty is sustaining below 50(5619) and 200 DaY EMA(5616) for the last 14 sessions therefore Intermediate and long term trends are down. Diwali 2010 started correction was in the form of 'ABC' Correction and this correction has been completed at 5177 and after its completion 4th corrective wave has also completed. 5th impulsive wave is on and it is in the form of Rising Trend Line of Pennant but it was broken down last week,Nifty nicely consolidated 4 days below it and after that strong upmove seen last Friday.
Range Bound Market Between 5401-5605 Chart
Nifty is trading between 5401-5605 for the last 14 sessions. Supports and Resistances within this range are as follows;-
1- Support and Base formation between 5402-5431
2- Minor selling between 5505-5517
3- Resistance between 5520-5530
3- Resistance between 5540-5605
Huge selling above this range. Supports below that range are as follows;-
1- 5348
2- 5232
3- 5177
Strong lower levels consolidations in previous week but resistances at higher levels are also equally strong. Indian markets have to prepare for next sustained and decisive moves and it will be done in first couple of sessions within 5444-5500. Indian markets are preparing for next moves between 5401-5605 and sustaining beyond this range will be next moves confirmations. As market is not trending but range bound therefore next trend view will be formed according to coming sessions intraday charts patterns.
As Wave-5 and continuation pattern Pennant are intact therefore upmoves hopes are still alive and also expected that Indian markets will consolidate in the coming sessions and upward break out will be seen in the coming week..
1- Nifty-Averages and Indicators Analysis
2- Nifty-Elliot Waves Structure
3- Nifty- Correction in Continuation pattern Pennant Formations
4- Nifty-Micro Analysis of 10 Days Intra Day Chart
5- Nifty-Micro Analysis of Intra Day Chart(20-05-2011)
Conclusions (After Putting All Studies Together)
Nifty is sustaining below 50(5619) and 200 DaY EMA(5616) for the last 14 sessions therefore Intermediate and long term trends are down. Diwali 2010 started correction was in the form of 'ABC' Correction and this correction has been completed at 5177 and after its completion 4th corrective wave has also completed. 5th impulsive wave is on and it is in the form of Rising Trend Line of Pennant but it was broken down last week,Nifty nicely consolidated 4 days below it and after that strong upmove seen last Friday.
Range Bound Market Between 5401-5605 Chart
 |
| Just click on chart for its enlarged view |
1- Support and Base formation between 5402-5431
2- Minor selling between 5505-5517
3- Resistance between 5520-5530
3- Resistance between 5540-5605
Huge selling above this range. Supports below that range are as follows;-
1- 5348
2- 5232
3- 5177
Strong lower levels consolidations in previous week but resistances at higher levels are also equally strong. Indian markets have to prepare for next sustained and decisive moves and it will be done in first couple of sessions within 5444-5500. Indian markets are preparing for next moves between 5401-5605 and sustaining beyond this range will be next moves confirmations. As market is not trending but range bound therefore next trend view will be formed according to coming sessions intraday charts patterns.
As Wave-5 and continuation pattern Pennant are intact therefore upmoves hopes are still alive and also expected that Indian markets will consolidate in the coming sessions and upward break out will be seen in the coming week..