Nifty-Micro Analysis of 10 Days Intra Day Chart(May 04 to May 17,2011)
It is clear from above 10 days intra day chart that Nifty traded between 5410-5605 between May 04 and May 17,2011. Nifty slipped sharply on 17-05-2011 after good selling between 5500-5605 in 9 previous sessions and this range is strong resistance.
Nifty formed the top at 5485 last Friday after good consolidations but above shown strong resistance also therefore Indian markets require complete consolidations to cross 5605 and it will take its own time. Follow up buying requires in the coming week and moves above 5605 will give following 2 conclusions:-
1- Crossing of strong resistance
2- Crossing 200 Day EMA(today at 5606) will mean Long term trend and all trends turning up and that will be begining of Bullish phase also.
3- Failing to cross 5605 will mean fusing of previous week started rally and that will mean minimum testing possibility of previous week bottom .
Previous week closing at 5476 and Nifty is at the verge of next crucial moves deciding range. Let Indian 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.
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Nifty formed the top at 5485 last Friday after good consolidations but above shown strong resistance also therefore Indian markets require complete consolidations to cross 5605 and it will take its own time. Follow up buying requires in the coming week and moves above 5605 will give following 2 conclusions:-
1- Crossing of strong resistance
2- Crossing 200 Day EMA(today at 5606) will mean Long term trend and all trends turning up and that will be begining of Bullish phase also.
3- Failing to cross 5605 will mean fusing of previous week started rally and that will mean minimum testing possibility of previous week bottom .
Previous week closing at 5476 and Nifty is at the verge of next crucial moves deciding range. Let Indian 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.