Technical Analysis and Research For 18-08-2011
Nifty-EOD Chart(17-Aug-2011):-
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1- Inverted Hammer like formation
2- Double Bottom Formation.
3- Bullish Harami white Candle.
4- Good consolidation between 5018-5045
5- Whole day intraday consolidation patterns.
Conclusions
Indian markets got clear support during Anna Hazare agitation led most depressed sentiment trading day on 18-08-2011 and whole day intraday charts are also showing consolidation formations.
Three Bullish patterns and whole day intraday consolidation patterns are signalling trend reversal possibility and its first strong indication will be crossing 5120.
US Indices are 0.52% to 1.32% down at this moment and Global sentiment may be depressed on 18-08-2011 and Indian markets may trade negative also. As good consolidation between 5018-5045 therefore until Nifty will not sustain below 5018 till then next down move will not be considered despite whatsoever negative news flow and depressed sentiments.