Technical Analysis and Research For 29-07-2011
Nifty-EOD Chart(28-Jul-2011):-
Technical Patterns and Formations in EOD charts
1- Nifty traded and closed most of the day yesterday below crucial support of 5497.
2- Last 22 sessions structure with lower top(T2) broken down yesterday.
3- Higher levels selling in intraday charts yesterday which has been updated in Nifty-Micro Analysis of Intra Day Chart For 29-07-2011.
Conclusions
Last 22 sessions structure finally proved a Bearish formations and next support range is 5252-5343. No support between 5343-5497 and 154 points fall is possible after 5497 breaking down.
Indian markets have already given breaking down of 22 sessions range and global cres also weak today morning therefore negative closing will be seen today after gap down opening and whole day Red zone trading.
Nifty-EOD Chart(28-Jul-2011):-
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| Just click on chart for its enlarged view |
1- Nifty traded and closed most of the day yesterday below crucial support of 5497.
2- Last 22 sessions structure with lower top(T2) broken down yesterday.
3- Higher levels selling in intraday charts yesterday which has been updated in Nifty-Micro Analysis of Intra Day Chart For 29-07-2011.
Conclusions
Last 22 sessions structure finally proved a Bearish formations and next support range is 5252-5343. No support between 5343-5497 and 154 points fall is possible after 5497 breaking down.
Indian markets have already given breaking down of 22 sessions range and global cres also weak today morning therefore negative closing will be seen today after gap down opening and whole day Red zone trading.