Nifty-EOD Chart(04-Oct-2011):-
Nifty-EOD Chart(04-Oct-2011):-
Conclusions
11 months old correction continuation and Nifty is trading in range bound mode for the last 40 sessions within 4720-5229,its importance is continuously being updated for the last one month. Nifty tested its lower level and formed low at 4728 yesterday. Indian markets are discounting all the positive and negative developments within this range and break down as well as sustaining below 4720 will be confirmation of overruling by negative views and developments.
Nifty is trading and sustaining above 4720 for the last 2 years,sustaining below 4720 will mean breaking down of 2 years Unbrella and it may result like cloud burst therefore 4720 is survival is crucial for next long term trend formation.
It is the character of range bound markets that markets becomes extremely depressed at that lower levels and over enthusiastic at higher levels and markets reverse form that point also therefore first of all sustaining beyond 4720 will be watched today and in the coming sessions. As Global markets are melting and sentiment is completely depressed therefore retesting of 4720 or minor slipping without force below 4720 may be seen but forceful breaking down,huge gap down or sustaining below 4720 is must for its breaking down confirmation.
Long term trend and future of Indian markets is at stake and sustaining beyond 4720 will decide long term future of Indian markets. Although Final conclusions will be drawn according to intraday charts formations and will be updated during trading hours but expected that Nifty will not sustain below 4720 at this moment and 40 sessions range bound market will remain continued despite whatsoever depressing Global sentiments.
 |
| Just click on chart for its enlarged view |
 |
| Just click on chart for its enlarged view |
11 months old correction continuation and Nifty is trading in range bound mode for the last 40 sessions within 4720-5229,its importance is continuously being updated for the last one month. Nifty tested its lower level and formed low at 4728 yesterday. Indian markets are discounting all the positive and negative developments within this range and break down as well as sustaining below 4720 will be confirmation of overruling by negative views and developments.
Nifty is trading and sustaining above 4720 for the last 2 years,sustaining below 4720 will mean breaking down of 2 years Unbrella and it may result like cloud burst therefore 4720 is survival is crucial for next long term trend formation.
It is the character of range bound markets that markets becomes extremely depressed at that lower levels and over enthusiastic at higher levels and markets reverse form that point also therefore first of all sustaining beyond 4720 will be watched today and in the coming sessions. As Global markets are melting and sentiment is completely depressed therefore retesting of 4720 or minor slipping without force below 4720 may be seen but forceful breaking down,huge gap down or sustaining below 4720 is must for its breaking down confirmation.
Long term trend and future of Indian markets is at stake and sustaining beyond 4720 will decide long term future of Indian markets. Although Final conclusions will be drawn according to intraday charts formations and will be updated during trading hours but expected that Nifty will not sustain below 4720 at this moment and 40 sessions range bound market will remain continued despite whatsoever depressing Global sentiments.