Nifty-EOD Chart (22-May-2012):-
Conclusions from EOD chart analysis
All trends are down in Wave-2 correction and its bottom formation at 4788.95.95 on 18-05-2012. Although some up moves seen after bottom formation on 18-05-2012 but correction completion confirmation is required yet. As weakening of Indian Rupee therefore Indian markets moved down yesterday and could not be able to respond positive Global cues.
Minor supports at lower levels and multiple resistances at higher levels and market require compltete consolidation for any decisive up move and only Pull Back rally will be seen after after getting supports at lower levels.
All the Asian markets are in deep Red with most Indices are more than 1% down today morning therefore sentiment is weak today morning and negaive opening will be seen in Indian markets. Following supports should be firstly watched:-
1- 4790-4807
2- 4635-4663
3- 4602-4624
4- 4560-4590
Next Resistances are as follows;-
1-4904-4955
2-5003-5036
3-5065-5125
Most depressed sentiment today morning therefore volatile market is expected and until Nifty will not sustaining minimum first resistance(4955) till then any up move will not be considered. Expected that Nifty will firstly trade between 4790-4904 and its break out will give next moves first indication.
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All trends are down in Wave-2 correction and its bottom formation at 4788.95.95 on 18-05-2012. Although some up moves seen after bottom formation on 18-05-2012 but correction completion confirmation is required yet. As weakening of Indian Rupee therefore Indian markets moved down yesterday and could not be able to respond positive Global cues.
Minor supports at lower levels and multiple resistances at higher levels and market require compltete consolidation for any decisive up move and only Pull Back rally will be seen after after getting supports at lower levels.
Pre-open Outlook(23-05-2012)
All the Asian markets are in deep Red with most Indices are more than 1% down today morning therefore sentiment is weak today morning and negaive opening will be seen in Indian markets. Following supports should be firstly watched:-
1- 4790-4807
2- 4635-4663
3- 4602-4624
4- 4560-4590
Next Resistances are as follows;-
1-4904-4955
2-5003-5036
3-5065-5125
Most depressed sentiment today morning therefore volatile market is expected and until Nifty will not sustaining minimum first resistance(4955) till then any up move will not be considered. Expected that Nifty will firstly trade between 4790-4904 and its break out will give next moves first indication.