Next supports,Technical Analysis and Micro Analysis of Nifty Intra Day Chart have already been explained in following topic with 1 Chart therefore not being repeated:-
Nifty-Micro Analysis of Intra Day Chart For 18-11-2011
Eurozone storm and global markets are bring blown out,resultant Oct 2011 rally is fused and Nifty slipped sufficiently below crucial 61.8% Fibonacci Retracement Level(4984). Nifty traded 54 sessions between 4720-5229 previously and reentered within this range after Post-Diwali-2011 break out. Nifty got support 3 times near 4720 in 4 previous months and once again levels near 4720 will be watched for getting support again or not.
Asian markets are in Red after US markets more than 1% down closing yesterday, Weakness will be seen in Indian markets also but lesser because Indian markets have already dicounted negative markets with 1.90% down closing yesterday.
Expected that Nifty will firstly hover around 4900. As sentiment is depressed therefore volatility is possible but market require complete consolidation for any up move and until that will not happen till then any rally will not be considered.
Testing,firstly trading and next moves preparation within yesterday mentioned 1st support range (4845-4900) will be seen today and sustaining it beyond will be next moves confirmation therefore should be watched and more weakness possibility can not be ruled out.
Nifty-Micro Analysis of Intra Day Chart For 18-11-2011
Eurozone storm and global markets are bring blown out,resultant Oct 2011 rally is fused and Nifty slipped sufficiently below crucial 61.8% Fibonacci Retracement Level(4984). Nifty traded 54 sessions between 4720-5229 previously and reentered within this range after Post-Diwali-2011 break out. Nifty got support 3 times near 4720 in 4 previous months and once again levels near 4720 will be watched for getting support again or not.
Asian markets are in Red after US markets more than 1% down closing yesterday, Weakness will be seen in Indian markets also but lesser because Indian markets have already dicounted negative markets with 1.90% down closing yesterday.
Expected that Nifty will firstly hover around 4900. As sentiment is depressed therefore volatility is possible but market require complete consolidation for any up move and until that will not happen till then any rally will not be considered.
Testing,firstly trading and next moves preparation within yesterday mentioned 1st support range (4845-4900) will be seen today and sustaining it beyond will be next moves confirmation therefore should be watched and more weakness possibility can not be ruled out.