Tomorrow(19-05-2011) Market Outlook, Technical Analysis & Research
No change in EOD charts and indicators therefore views are same and are being repeated again. All trenbds are down and Nifty sustained 2 days below rising trend line of Wave-5. As 3 days sustaining below is technical confirmations requirement and if Nifty sustains below 5444 tomorrow also then it will be confirmation of deeper down moves.
Nifty-Micro Analysis of Intra Day Chart(18-05-2011):-
Main Features
1- Minor conslidations between 5422-5430
2- Minor Distributions between 5435-5447
3- conslidations between 5402-5425
Conclusions
Intraday Patterns are sugesting consolidations despite Red closing today.
Conclusions & Tomorrow(19-05-2011) Outlook
As intraday patterns of today are suggesting consolidations after yesterday intraday consolidation formations therefore support building up is felt at 5400 and expected that a bounce back will be seen in the coming sessions and Nifty will move above 5444 also. For precaution sustaining above 5400 will be watched tomorrow.
No change in EOD charts and indicators therefore views are same and are being repeated again. All trenbds are down and Nifty sustained 2 days below rising trend line of Wave-5. As 3 days sustaining below is technical confirmations requirement and if Nifty sustains below 5444 tomorrow also then it will be confirmation of deeper down moves.
Nifty-Micro Analysis of Intra Day Chart(18-05-2011):-
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| Just click on chart for its enlarged view |
1- Minor conslidations between 5422-5430
2- Minor Distributions between 5435-5447
3- conslidations between 5402-5425
Conclusions
Intraday Patterns are sugesting consolidations despite Red closing today.
Conclusions & Tomorrow(19-05-2011) Outlook
As intraday patterns of today are suggesting consolidations after yesterday intraday consolidation formations therefore support building up is felt at 5400 and expected that a bounce back will be seen in the coming sessions and Nifty will move above 5444 also. For precaution sustaining above 5400 will be watched tomorrow.