Technical Analysis,Researches & Market Outlook For 23-09-2011
Nifty-Intra Day Chart(Sep 09 to Sep 22,2011):-
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1- Support between 4912-4960
2- Nifty slipped a little below its lowest(4908) and closed within support range at 4923.
Conclusions
Technically Support range of 4912-4960 has not been broken down because Nifty closed within it yesterday but markets may be highly bearish after US market huge fall therefore deep Red trading is possible today and saving of 4720 will be watched first for stopping/continuation of next down moves confirmations.
Nifty-EOD Chart(22-Sep-2011):-
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1- 32 sessions range bound markets between 4720-5229
2- Strong resistance between 5110-5220
3- No strong support between 4720-4908
Crucial Empty Zone between 4720-4908
Nifty did not traded between 4720-4908 during last 16 sessions and will trade between this range after gap down opening today. No support between this area and only minor support is at 4720 therefore free fall within this range is very much possible amid most depressing sentiment at present.
Conclusions
All trends are down and lowest of 32 sessions crucial supports have been tested yesterday and no noticable support of last 32 sessions left. Sustaining below 4720 will mean again free fall and then following next supports will be watched:-
1- 4538
2- 4353
3- 3919
Most dampened sentiment and any lower level is possible because Indian markets are completely bearish and all the trends are down. Market require complete consolidation and base formation for trend reversal for any sustained rally. As last 32 sessions range bound market has been its hope also therefore sustaining beyond its lowest of 4720 will be watched first of all. Global markets are melting and if Nifty sustains below 4720 then above mentioned 3 supports will be watched for stopping of on going down moves.
Breaking down of 32 sessions range will mean again deep down moves therefore 4720 survival will tell about next long trend and moves because it will decide that 32 sessions range bound market is being ended today in Bearish mode or not.
Finally expected that Nifty will get support near about 4720 and range bound market within 4720-5229 will remain continued in next week.