Long Term and Intermediate term trends are down and Short term trend turned up after good gains today. Nifty traded most of the time between 5455-5475 in rising channel with intraday consolidation patterns today and If sustains above it tomorrow then today trading range will be good support.
Nifty Intra Day Chart of Today:-
 |
| Just click on chart for its enlarged view |
-Nifty closed at 5480.25 with 66.40 (1.23%) points up today.
Tomorrow(24-03-2011) Outlook:-
Next immediate Resistances are as follows:-
1- 5500-5535
2- 5540-5580
Nifty has to cross immediate resistance above 5500 therefore require fresh consolidation near 5500 tomorrow and Nifty will first hover around it. Nifty traded most days between 5400-5600 in last 38 sessions and Indian markets have to prepare for its crossing. Nifty will trade in the middle of this range near 5500 tomorrow with good resistances at higher levels and also equally good supports at lower levels.
Next move preperation range is 5455-5535 and expected that Nifty will trade whole day within this range tomorrow. Next Indian markets will be decided step by step and crossing of supports or resistances and finally sustaining beyond 5400-5600 will give next moves confirmations. 5400 proved strong support in worst situations and sentiments and things are turning normal. If Middle-East normalise and Crude price stabilise then 5600 crosing will be seen.
Let market prepare for next moves and get first indication after crossing of 5455-5535