Technical Analysis and Research For 17-10-2011
Nifty-EOD Chart(14-Oct-2011):-
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| Just click on chart for its enlarged view |
1- Bullish'W' Pattern in last 47 sessions range bound market
2- Falling Trend line break out last Friday
Conclusions
Correction begun on Deepawali-2010 from 6339 and range bound market within 4720-5229 in last 47 sessions. Many times Market take pause,become range bound and prepare for next moves. Indian markets remained range boud 5 months after 2008 crash and then strong rally begun in March 2009 and same possibility can not be ruled out this time also.
Bullish'W' Pattern in last 47 sessions range bound market,falling trend line break out last Friday and gap up opening will be seen today after strong global cues today morning. Nifty will trade between strong resistance range(5145-5220) today and follow up consolidation is must in the coming sessions for crossing and sustaining above 5229.
Expected that Nifty will firstly trade and prepare for next moves within 5112-5172. As heated sentiment therefore profit booking possibility will also be kept in mind. Mentioned range will be watched first and break out of this range will be result of next moves today preparation as well as confirmation will be sustaining beyond 5112-5220.