Nifty-EOD Chart(12-Oct-2011):-
Technical Patterns and Formations in EOD charts
1- 45 sessions range bound market between 5720-5229
2- Strong resistances between 5145-5220
3- Falling Trendline Resistance
Conclusions
Correction begun on 05-11-2010 in Falling Trend Line from 6338 and 45 sessions range bound market between 4720-5229 at the lowest levels of correction. 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 from that point also therefore first of all sustaining beyond 5229 will be watched in the coming sessions.
Don't be Bullish or Bearish & only wait for sustaining beyond or forceful break out of 4720-5229 for next long term trend confirmation and:-
1- Above 5229 will be strong indication of 11 months correction termination.
2- Below 4720 will be confirmation of correction continuation.
Next strong resistances are between 5145-5220 and market require complete consolidation to cross 5229.As Nifty retraced 3 times earlier from the top of 45 sessions mentioned range therefore it does not mean that it will be repeated again. No selling formation till yesterday and fresh selling is must for beginning of any down moves but consolidation today will also mean strong rally possibility above 5229.
Global markets are trading with good gains and sentiment is upbeat today morning therefore firstly gap up opening and after that Nifty will trade between 5090-5155 as well as prepare for any type of market between this range. Break out and sustaining beyond this this range will be next moves confirmation.
Just watch 5090-5155 for next moves confirmations.
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1- 45 sessions range bound market between 5720-5229
2- Strong resistances between 5145-5220
3- Falling Trendline Resistance
Conclusions
Correction begun on 05-11-2010 in Falling Trend Line from 6338 and 45 sessions range bound market between 4720-5229 at the lowest levels of correction. 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 from that point also therefore first of all sustaining beyond 5229 will be watched in the coming sessions.
Don't be Bullish or Bearish & only wait for sustaining beyond or forceful break out of 4720-5229 for next long term trend confirmation and:-
1- Above 5229 will be strong indication of 11 months correction termination.
2- Below 4720 will be confirmation of correction continuation.
Next strong resistances are between 5145-5220 and market require complete consolidation to cross 5229.As Nifty retraced 3 times earlier from the top of 45 sessions mentioned range therefore it does not mean that it will be repeated again. No selling formation till yesterday and fresh selling is must for beginning of any down moves but consolidation today will also mean strong rally possibility above 5229.
Global markets are trading with good gains and sentiment is upbeat today morning therefore firstly gap up opening and after that Nifty will trade between 5090-5155 as well as prepare for any type of market between this range. Break out and sustaining beyond this this range will be next moves confirmation.
Just watch 5090-5155 for next moves confirmations.