Weekly Outlook(Jun 13 to Jun 17,2011)
Technical Analysis and Research of EOD charts,Micro Analysis of Nifty Intra Day Chart,Technical Positions,next possibilities have already been explained in following topicS with 3 Charts therefore not being repeated:-
1-Nifty-Micro Analysis of Intra Day Chart For 13-06-2011
2-Technical Analysis and Research(Waves Structure)
3-Wave-4 Correction,Wave-5 Formations & Inverse HNS
Nifty-EOD Chart(10-06-2011):-
Main Features
1- Last 28 sessions range bound market between 5329-5605
2- Support,base formation and consolidation between 5459-5473
3- Strong support between 5329-5400
4- Strong resistance between 5522-5604
Conclusions
Indian markets slipped from 5604 after last 8 sessions selling between 5522-5604. Nifty tested last 10 days lows and tested lows of strong support range(5459-5473) but closed above it at 5485 last Friday after consolidations between 5460-5480.
As Nifty got support in strong support range(5459-5473) last Friday therefore :-
1- Until Nifty will not sustain below 5459 till then fresh down move will not be considered.
2- If Global pressure remains high on Monday and Nifty slips below 5459 then strong support range is 5329-5400 and market requires complete distribution patterns for sustaining below 5329.
As good selling between 5522-5604 and last Friday lower levels consolidations is not sufficient to move above 5522 therefore market requires complete consolidations below 5522 for any types of up moves also. Market require fresh preperation for any side directional moves and trending market.
Conclusions (After Putting All Studies Together)
All trends are down and Nifty is trading between 5329-5605 for the last 28 sessions with Inverse Head & Shoulders(HNS) pattern Formations. Strong resistances at higher levels and strong supports are at lower levels and Nifty closed almost in the middle of this range last Friday therefore Nifty can not go any where and will first trade and prepare for next moves between this range in the coming sessions and break out of this range will give decisive trend to Indian markets. Break out of this range will mean:-
1- Sustaing above 5605 will mean all trends are turning up and breaking out of after long range bound consolidations.
2- All trends are already down and sustaining below 5329 will mean breaking down after long range bound distributions.
Whatsoever may be depressing Asian markets reaction on US market 1.5% last Friday down but Nifty will first trade between 5400-5473 and prepare for next moves. Good supports below 5400 and Nifty require complete selling for slipping below 5329.
28 Sessions range bound markets and it is confirm that strong moves toward break out side will be seen. Follow up buying/selling in the coming couple of sessions will decide that Nifty will test next suooprts or resistances and Next moves first indication will be sustaining beyond 5400-5473.
Firstly range bound quiet trading between 5329-5605 will be seen and if this range is broken out in the coming week then decisive fast moves toward break out side will be seen.
Technical Analysis and Research of EOD charts,Micro Analysis of Nifty Intra Day Chart,Technical Positions,next possibilities have already been explained in following topicS with 3 Charts therefore not being repeated:-
1-Nifty-Micro Analysis of Intra Day Chart For 13-06-2011
2-Technical Analysis and Research(Waves Structure)
3-Wave-4 Correction,Wave-5 Formations & Inverse HNS
Nifty-EOD Chart(10-06-2011):-
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| Just click on chart for its enlarged view |
1- Last 28 sessions range bound market between 5329-5605
2- Support,base formation and consolidation between 5459-5473
3- Strong support between 5329-5400
4- Strong resistance between 5522-5604
Conclusions
Indian markets slipped from 5604 after last 8 sessions selling between 5522-5604. Nifty tested last 10 days lows and tested lows of strong support range(5459-5473) but closed above it at 5485 last Friday after consolidations between 5460-5480.
As Nifty got support in strong support range(5459-5473) last Friday therefore :-
1- Until Nifty will not sustain below 5459 till then fresh down move will not be considered.
2- If Global pressure remains high on Monday and Nifty slips below 5459 then strong support range is 5329-5400 and market requires complete distribution patterns for sustaining below 5329.
As good selling between 5522-5604 and last Friday lower levels consolidations is not sufficient to move above 5522 therefore market requires complete consolidations below 5522 for any types of up moves also. Market require fresh preperation for any side directional moves and trending market.
Conclusions (After Putting All Studies Together)
All trends are down and Nifty is trading between 5329-5605 for the last 28 sessions with Inverse Head & Shoulders(HNS) pattern Formations. Strong resistances at higher levels and strong supports are at lower levels and Nifty closed almost in the middle of this range last Friday therefore Nifty can not go any where and will first trade and prepare for next moves between this range in the coming sessions and break out of this range will give decisive trend to Indian markets. Break out of this range will mean:-
1- Sustaing above 5605 will mean all trends are turning up and breaking out of after long range bound consolidations.
2- All trends are already down and sustaining below 5329 will mean breaking down after long range bound distributions.
Whatsoever may be depressing Asian markets reaction on US market 1.5% last Friday down but Nifty will first trade between 5400-5473 and prepare for next moves. Good supports below 5400 and Nifty require complete selling for slipping below 5329.
28 Sessions range bound markets and it is confirm that strong moves toward break out side will be seen. Follow up buying/selling in the coming couple of sessions will decide that Nifty will test next suooprts or resistances and Next moves first indication will be sustaining beyond 5400-5473.
Firstly range bound quiet trading between 5329-5605 will be seen and if this range is broken out in the coming week then decisive fast moves toward break out side will be seen.