Technical Analysis and Research,Micro Analysis of Nifty Intra Day Charts,Technical Positions and Levels have already been explained in following topicS with Intraday,EOD and Weekly Charts therefore not being repeated. Just click on topic name and go through following topics to Understand Indian markets.
1- Indian Stock Markets Closing Reports(27-05-2011)
Conclusions (After Putting All Studies Together)
All trends are down and very short term trend is up after last week lower levels consolidation and support. It is clear from EOD chart that falling channel has been broken out but up moves confirmation is required from weekly closing above Wave-5 trend line(Rising lower trend line of Pennant). It is clear from Nifty-Micro Analysis of 10 Days Intra Day Chart(May 04 to May 17,2011) that strong resistance between 5500-5605 and market require complete consolidations to move above 5605.
It is clear from Nifty-EOD Chart that Nifty is hanging between lower levels supports and higher level resistance therefore Indian markets are not prepared for any side sustained trend and decisive moves.
Bullish weekly hammer formation in previous week,EOD and weekly chart structure are suggesting that previous 7 month months fall as a correction and falling Wedge pattern formation was seen in previous week therefore it seems that trend has reversed in previous week and Nifty will consolidate,test and cross next strong resistance range(5500-5605) in the coming weeks and Nifty will finally cross 5605.
Expected that Nifty will first trade and prepare for next moves between 5440-5500 in the begining of coming week Let market prepare for next moves and according to intraday charts formatiions it will be concluded that Nifty is crossing mentioned resistance range or not. Whenever final conclusions will be drawn then will be posted in any of the Pre,Post or Mid-Session outlooks,as was predicted well before the begining of previous week rally.
1- Indian Stock Markets Closing Reports(27-05-2011)
Conclusions (After Putting All Studies Together)
All trends are down and very short term trend is up after last week lower levels consolidation and support. It is clear from EOD chart that falling channel has been broken out but up moves confirmation is required from weekly closing above Wave-5 trend line(Rising lower trend line of Pennant). It is clear from Nifty-Micro Analysis of 10 Days Intra Day Chart(May 04 to May 17,2011) that strong resistance between 5500-5605 and market require complete consolidations to move above 5605.
It is clear from Nifty-EOD Chart that Nifty is hanging between lower levels supports and higher level resistance therefore Indian markets are not prepared for any side sustained trend and decisive moves.
Bullish weekly hammer formation in previous week,EOD and weekly chart structure are suggesting that previous 7 month months fall as a correction and falling Wedge pattern formation was seen in previous week therefore it seems that trend has reversed in previous week and Nifty will consolidate,test and cross next strong resistance range(5500-5605) in the coming weeks and Nifty will finally cross 5605.
Expected that Nifty will first trade and prepare for next moves between 5440-5500 in the begining of coming week Let market prepare for next moves and according to intraday charts formatiions it will be concluded that Nifty is crossing mentioned resistance range or not. Whenever final conclusions will be drawn then will be posted in any of the Pre,Post or Mid-Session outlooks,as was predicted well before the begining of previous week rally.