Crashing Global markets therefore very easy to say for down moves today but down moves and Pull Back rally termination risk were told 4 times only and only in this Blog last Friday:-
1- Mid-session Outlook(02-09-2011):-"down moves possibilities have increased"
2- Mid-session Outlook-2(02-09-2011):-"As selling also seen at higher levels therefore today trading range(5007-5065) break out will be next moves confirmation"
3- Mid-session Outlook-3(02-09-2011):-"Sustaing below 5007 will be signal of on going Pull Back rally termination risk"
4- Pre-Closing Outlook(02-09-2011):-"As good selling at higher levels today therefore on going Pull Back rally survival is at risk"
Nifty-Intra Day Chart(Aug 30 & Sep 02,2011):-
Last 2 sessions trading range is 4929-5064. Supports and resistances within this range are as follows;-
1- Strong supoport between 4929-4995
2- Supoport between 4995-5026
3- Resistances between 5037-5064
Red closing after gap down opening and whole day negative zone trading is very much possible today but Indian markets nicely consolidated between 4929-4995 on 30-08-2011 also therefore this range is strong support and must be firstly watched also today for the reply of following question:-
On going Pull Back rally is surviving or not?
Expected that Nifty will firstly trade and prepare for next moves between 4960-5026 after gap down opening today and:-
1- Crossing 5026 will up moves first strong indication.
2- Slipping below 4960 will be down moves first strong indication.
Let market preapare for next moves then conclusions will be drawn firstly from intraday charts formations and then break out of following ranges:-
1- First Indication- 4960-5026
2- Confirmation- 4929-5064
1- Mid-session Outlook(02-09-2011):-"down moves possibilities have increased"
2- Mid-session Outlook-2(02-09-2011):-"As selling also seen at higher levels therefore today trading range(5007-5065) break out will be next moves confirmation"
3- Mid-session Outlook-3(02-09-2011):-"Sustaing below 5007 will be signal of on going Pull Back rally termination risk"
4- Pre-Closing Outlook(02-09-2011):-"As good selling at higher levels today therefore on going Pull Back rally survival is at risk"
Nifty-Intra Day Chart(Aug 30 & Sep 02,2011):-
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| Just click on chart for its enlarged view |
1- Strong supoport between 4929-4995
2- Supoport between 4995-5026
3- Resistances between 5037-5064
Red closing after gap down opening and whole day negative zone trading is very much possible today but Indian markets nicely consolidated between 4929-4995 on 30-08-2011 also therefore this range is strong support and must be firstly watched also today for the reply of following question:-
On going Pull Back rally is surviving or not?
Expected that Nifty will firstly trade and prepare for next moves between 4960-5026 after gap down opening today and:-
1- Crossing 5026 will up moves first strong indication.
2- Slipping below 4960 will be down moves first strong indication.
Let market preapare for next moves then conclusions will be drawn firstly from intraday charts formations and then break out of following ranges:-
1- First Indication- 4960-5026
2- Confirmation- 4929-5064