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 2 Charts therefore not being repeated:-
1- Three Bullish Patterns on 17-Aug-2011
2- Nifty-Micro Analysis of Intra Day Chart For 18-08-2011
All the Asian markets are trading in Red and Dow Futures is also more than 50 points down today and sentiment is weak today morning therefore Nifty will firstly trade between or little above yesterday support range(5018-5045) after weak opening. As consolidation was seen at lower levels therefore fresh selling is must for dipping below 5018. Follow up buying and sustaining above 5045 today will also mean revival of up moves hopes.
Nifty is trading between 4946-5230 after gap down opening on 05-08-2011 and Good selling between 5150-5225. As Support also seen yesterday between 5018-5045 therefore this range will be firstly watched today and sustaining beyond this range will give following conclusions:-
1- Sustaining below 5018 will mean open the gate of 2008 like fall.
2- Sustaining above 5045 will mean revival of up moves/Pull Back rally hopes.
Just watch 5018-5045 break out for next moves confirmations.