Market Outlook(24-06-2011)
Nifty-Intra Day Chart(23-06-2011):-
Main Features
1- Consolidation between 5253-5300
2- Last 4 hours mixed patterns between 5300-5330
Conclusions
Dow Jones is more than 175 points down at this moment after most European markets more than 1.75% down closing therefore Asian markets may also be weak tomorrow morning.
Indian markets may open in Red tomorrow but key of all the trends and next moves lies in today trading range(5252-5330). Nifty traded most time between 5250-5320 in last 3 sessions and today Nifty covered whole range from bottom to top and closed near Day's high exactly at 5320.
Lower levels good consolidation seen on 22-06-2011 and again consolidation between 5253-5300 today. Although Nifty traded last 4 hours with mixed patterns between 5300-5330 but consolidation percentage is higher therefore up moves hopes from here are alive despite whatsoever weaker global markets cues and Indian markets bear phase entering many confirmations.
All the crucial patterns broken down on 20-06-2011 but today consolidation between 5252-5330 blinked up moves hopes therefore today trading range break out will be watched first for the reply following question:-
"Indian markets are immediately entering into long Bear phase or not"
Interpretation is clear that dipping below 5252 will mean high possibility of breaking 5177 and then crashing. Crossing 5320 will be revival of first up move hope and confidence gaining will be after sustaining above 5356. Market has to struggle hard for up moves because multiple resistances between 5356-5605(long term up trend confirmation level).
Don't Panic from Global markets fall because last 4 sessions intraday charts are not concluding selling but on the contrary showing consolidations on 23-06-2011.
Nifty-Intra Day Chart(23-06-2011):-
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| Just click on chart for its enlarged view |
1- Consolidation between 5253-5300
2- Last 4 hours mixed patterns between 5300-5330
Conclusions
Dow Jones is more than 175 points down at this moment after most European markets more than 1.75% down closing therefore Asian markets may also be weak tomorrow morning.
Indian markets may open in Red tomorrow but key of all the trends and next moves lies in today trading range(5252-5330). Nifty traded most time between 5250-5320 in last 3 sessions and today Nifty covered whole range from bottom to top and closed near Day's high exactly at 5320.
Lower levels good consolidation seen on 22-06-2011 and again consolidation between 5253-5300 today. Although Nifty traded last 4 hours with mixed patterns between 5300-5330 but consolidation percentage is higher therefore up moves hopes from here are alive despite whatsoever weaker global markets cues and Indian markets bear phase entering many confirmations.
All the crucial patterns broken down on 20-06-2011 but today consolidation between 5252-5330 blinked up moves hopes therefore today trading range break out will be watched first for the reply following question:-
"Indian markets are immediately entering into long Bear phase or not"
Interpretation is clear that dipping below 5252 will mean high possibility of breaking 5177 and then crashing. Crossing 5320 will be revival of first up move hope and confidence gaining will be after sustaining above 5356. Market has to struggle hard for up moves because multiple resistances between 5356-5605(long term up trend confirmation level).
Don't Panic from Global markets fall because last 4 sessions intraday charts are not concluding selling but on the contrary showing consolidations on 23-06-2011.