Nifty rallied 510 points in 7 sessions and crossed 39sessions range after 4 days consolidation below 5329. Very short term indicators moved in overbought tettoty therefore very short term correction became due and that is being seen for the last 5 sessions in range bound moves. It is the nature of bull markets that they tend to correct in range bound modes and it is being seen. As correction is on therefore next supports and Fibonacci retracement levels have already been updated in Market Outlook yesterday and last 5 sessions correction showing intraday chart is as follows:-
Nifty-Micro Analysis of 5 days Intra Day Chart(Jun 30 to Jul 06,2011)
Technical Positions in last 5 sessions intraday charts
1-Selling between 5648-5672
2-Intraday support between 5605-5625 in last 5 sessions
Conclusions
Some selling at high levels but supports above 5600 also seen in last 5 sessions within 5606-5672 therefore expected that 5600 will be finally saved and fresh rally above 5672 will commence from coming sessions.
Asian markets are mixed today morning and trading with minor gains/loss therefore sentiment is quiet and expected that Indian markets will open little positive,test resistances of last 5 sessions range and finally close positive today.
Nifty-Micro Analysis of 5 days Intra Day Chart(Jun 30 to Jul 06,2011)
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| Just click on chart for its enlarged view |
1-Selling between 5648-5672
2-Intraday support between 5605-5625 in last 5 sessions
Conclusions
Some selling at high levels but supports above 5600 also seen in last 5 sessions within 5606-5672 therefore expected that 5600 will be finally saved and fresh rally above 5672 will commence from coming sessions.
Asian markets are mixed today morning and trading with minor gains/loss therefore sentiment is quiet and expected that Indian markets will open little positive,test resistances of last 5 sessions range and finally close positive today.