Nifty-EOD Chart(10-Oct-2011):-
Technical Patterns and Formations in EOD charts
1- Correction begun on 05-11-2010 in Falling Trend Line from 6338
2- 43 sessions range bound market between 4720-5229 at the lowest levels of correction.
Conclusions
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.As up side break out is expected therefore levels below 4720 is not being given at this moment.
We are not telling today for 43 sessions range bound(4720-5229) but when Nifty made 4728 on 04-10-2011 then also we told following line in Technical Analysis and Research For 05-10-2011:-
1- "expected that Nifty will not sustain below 4720 at this moment"
Following guidance was also given in same topic:-
2- "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"
Nifty could not move below 4720 and strong rally begun from 05-10-2011. Next resistances are as follows:-
1- 4960-5022(Now weak)
2- Minor resistances upto 5060
3- Gap resistance between 5060-5110( of 22-09-2011)
4- Resistance between 5145-5169(Strong)
Rally is continued and above resistances are also at higher levels therefore more consolidation is required. No selling signal yet and global markets are also shooting up therefore positive market and continuation of on going rally is expected today.
Resistance between 5145-5169 is strong and sustaining beyond will be next moves first indication.
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1- Correction begun on 05-11-2010 in Falling Trend Line from 6338
2- 43 sessions range bound market between 4720-5229 at the lowest levels of correction.
Conclusions
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.As up side break out is expected therefore levels below 4720 is not being given at this moment.
We are not telling today for 43 sessions range bound(4720-5229) but when Nifty made 4728 on 04-10-2011 then also we told following line in Technical Analysis and Research For 05-10-2011:-
1- "expected that Nifty will not sustain below 4720 at this moment"
Following guidance was also given in same topic:-
2- "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"
Nifty could not move below 4720 and strong rally begun from 05-10-2011. Next resistances are as follows:-
1- 4960-5022(Now weak)
2- Minor resistances upto 5060
3- Gap resistance between 5060-5110( of 22-09-2011)
4- Resistance between 5145-5169(Strong)
Rally is continued and above resistances are also at higher levels therefore more consolidation is required. No selling signal yet and global markets are also shooting up therefore positive market and continuation of on going rally is expected today.
Resistance between 5145-5169 is strong and sustaining beyond will be next moves first indication.