Technical Analysis and Research
Nifty- EOD Chart(20-06-2011):-
 |
| Just click on chart for its enlarged view |
1- 34 Sessions Range Bound Moves
2- Nifty faced resistance 3 times near 5600
3- Nifty got support once at 5329
4- Support broken down
Conclusions
Forceful break down of 34 Sessions Trading Range and Nifty lost 141 points in just 10 minutes. All trends were already down,Nifty was sustaining below 200 Day EMA for the last 34 sessions and forceful breaking down of last 34 session range gave Bear markets confirmations.
Break down was by force on 20-06-2011 and only last technical formality of 3 days sustaining below is left. As breaking down force was strong therefore expected that Nifty will sustain below 34 Sessions Range in the coming 3 sessions.