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Pull Back Rally Confirmation at 5220


Technical Analysis,Researches & Market Outlook(12-08-2011)

Nifty-EOD Chart(11-Aug-2011):-
Just click on chart for its enlarged view
Technical Patterns and Formations in EOD charts

1- 5 Days Narrow Range Market near 5171.
2- Inverted Hammer Bullish Candle on 11-08-2011.
3- Strong resistances between 5390-5430
4- Selling between 5160-5220 in last 5 days.
5- Short term Indicators are oversold and suggesting Bounce Back.
6- MACD- Distance increased between both lines therefore telling for minimum a Bounce Back
7- Nifty is trading near the lower band of Bollinger Band for the last 5 sessions therefore suggesting minimum a Bounce Back.

Conclusions

US markets are trading more than 5.00% up and such strong closing today will mean Gap up opening today. Firstly sustaing above 5185 and then crossing of 5220 will be Pull Back rally confirmation but Until Nifty will not sustain minimum above one Resistance range(5390-5430) till then any Rally will not be considered.

Positive opening to closing will be result of strong Global Cues but short term indicators are oversold therefore minimum a Bounce Back or Pull Back rally possibility can not be ruled out after sustaining above 5220.
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