Technical Analysis and Research For 10-08-2011
Nifty-EOD Chart(10-Aug-2011):-
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| Just click on chart for its enlarged view |
1- 15-06-2010- Lowest at 5171.05 and closing at 5222.35
2- 11.02.2011- Lowest at 5177.70 and closing at 5225.80 on 10.02.2011
3- 05.08.2011- Lowest at 5116.45 and closing at 5211.25
4- Crucial Support at 5171
5- 13 Months lowest formed on 09.08.2011 at 4946
Conclusions
3 Previous closings are as follows:-
08.08.2011- 5119
09.08.2011- 5073
10.08.2011- 5161
Nifty got support and closed at and near 5171 in last 13 months but 3 Consecutive closing below 5171 in 3 previous sessions therefore it is high risk of 13 months structure breaking down. First of all 5171 must be watched because 13 months structure breaking down confirmation will mean possibility of deep Bear market like 2008. It must be kept in mind that 2008 crash was the result of 4 months structure breaking down and at present 13 months structure is at stake and sustaining below 5171 will mean deep Bear market.
Global markets are extremely volatile and completely uncertain. US markets closed more than 4 down yesterday but Asian markets are flat to 1.20% down therefore sentiment is cooled today morning.
Nifty traded between Whole day trading between 5125-5185 yesterday with both buying at lower levels and selling at higher levels. Just click following link for yesterday technical structure with yesterday intraday chart:-
Nifty-Micro Analysis of Intra Day Chart For 11-08-2011
As selling seen at higher levels yesterday therefore minor down moves are very much possible. Yesterday trading range(5125-5185) is trend decider and sustaining below 5125 will be confirmation of 5171 breaking down as well as long Bear market confirmation. Sustaining above 5185 will be revival of hopes only because so many confirmations are required for up trends.