Nifty moved up 268 points rally in 5 sessions,faced resistance and correction started just below 200 Day EMA(5605). Long term trend will be up above 5605 and Indian markets will show strong rally as well but correction started yesterday and retracement levels are as follows:-
23.6%- 5562
27.0%- 5524
38.2%- 5494
50.0%- 5563
61.8%- 5431
Next support ranges
1- 5495-5515(weak)
2- 5459-5473
Next Resistances ranges
1- 5558-5568
2- 5576-5596
Next crucial ranges
1- Next moves preparation Range-1:- 5538-5582
2- Next moves preparation Range-2:- 5530-5597
Nifty-Micro Analysis of 2 days Intra Day Chart(01-06-2011 & 02-06-2011)
Conclusions
Last 2 sessions intraday charts are showing both buying and selling patterns. Indian markets are not prepare for any decisive moves therefore expected that Nifty will trade first trade and prepare for next moves between 5530-5597 and break out of this range will give confirmation to correction continuation/completion. Next moves after break out of mentioned range will be as follows:-
1- Correction completion will mean strong rally above 5605.
2- Correction continuation will mean testing possibility of above mentioned retracement levels and support ranges.
All the aspects of Indian markets have been clearly explained like mirror. No guessing,No gossiping,let market prepare for next moves then final conclusion will be drawn from intraday charts formations and will be posted in Mid-session outlooks.
23.6%- 5562
27.0%- 5524
38.2%- 5494
50.0%- 5563
61.8%- 5431
Next support ranges
1- 5495-5515(weak)
2- 5459-5473
Next Resistances ranges
1- 5558-5568
2- 5576-5596
Next crucial ranges
1- Next moves preparation Range-1:- 5538-5582
2- Next moves preparation Range-2:- 5530-5597
Nifty-Micro Analysis of 2 days Intra Day Chart(01-06-2011 & 02-06-2011)
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| Just click on chart for its enlarged view |
Last 2 sessions intraday charts are showing both buying and selling patterns. Indian markets are not prepare for any decisive moves therefore expected that Nifty will trade first trade and prepare for next moves between 5530-5597 and break out of this range will give confirmation to correction continuation/completion. Next moves after break out of mentioned range will be as follows:-
1- Correction completion will mean strong rally above 5605.
2- Correction continuation will mean testing possibility of above mentioned retracement levels and support ranges.
All the aspects of Indian markets have been clearly explained like mirror. No guessing,No gossiping,let market prepare for next moves then final conclusion will be drawn from intraday charts formations and will be posted in Mid-session outlooks.