Technical Analysis and Research For 28-10-2011
US and all the European markets are 1.60% to 5.2% up today after eurozone debt agreement came early on 27-10-2011 and Global markets are celebrating Indian Diwali through blasting rally.
Nifty had been range bound between 4720-5229 for the last 54 Sessions after 94 Points gap down opening on 05-08-2011(5323-5229) and Expected that Indian markets will also react in the same manner and huge gap up opening will be seen on 28-10-2011.
Nifty closed at 5202 on Diwali Muhurat sessions and minimum 2% gap up opening expected tomorrow in Indian markets. Finally filling of 05-08-2011 gap and sustaining above 5323 will be confirmation of one year old correction completion. 200-Day EMA is at 5338 and sustaining above will mean all trends turning up as well.
New phase of up moves will begin from 28-10-2011 after huge gap up opening and up ward break out of 54 Sessions range. Expected that Nifty will firstly sustain above 5323 and all trends will be up through sustaining above 5338. Although resistances at higher levels but continuous higher levels consolidation and strong rally will be seen in the coming sessions,weeks and months.
Eurozone debt problems resolved and strong indication of one year correction completion confirmation on 28-10-2011. Sustaining above 5323 will also be 5th wave begining confirmation and that will also mean high possibility of new all time high formation in 2012.
Nifty-EOD Chart with projected up moves(26-Oct-2011):-
Detailed analysis have already been posted in following topic therefore not being repeated. Just click following link and go through:-
Indian markets Correction from Diwali-2010 to Diwali-2011
US and all the European markets are 1.60% to 5.2% up today after eurozone debt agreement came early on 27-10-2011 and Global markets are celebrating Indian Diwali through blasting rally.
Nifty had been range bound between 4720-5229 for the last 54 Sessions after 94 Points gap down opening on 05-08-2011(5323-5229) and Expected that Indian markets will also react in the same manner and huge gap up opening will be seen on 28-10-2011.
Nifty closed at 5202 on Diwali Muhurat sessions and minimum 2% gap up opening expected tomorrow in Indian markets. Finally filling of 05-08-2011 gap and sustaining above 5323 will be confirmation of one year old correction completion. 200-Day EMA is at 5338 and sustaining above will mean all trends turning up as well.
New phase of up moves will begin from 28-10-2011 after huge gap up opening and up ward break out of 54 Sessions range. Expected that Nifty will firstly sustain above 5323 and all trends will be up through sustaining above 5338. Although resistances at higher levels but continuous higher levels consolidation and strong rally will be seen in the coming sessions,weeks and months.
Eurozone debt problems resolved and strong indication of one year correction completion confirmation on 28-10-2011. Sustaining above 5323 will also be 5th wave begining confirmation and that will also mean high possibility of new all time high formation in 2012.
Nifty-EOD Chart with projected up moves(26-Oct-2011):-
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| Just click on chart for its enlarged view |
Indian markets Correction from Diwali-2010 to Diwali-2011