Indian markets technical positions are as follows
1- Long term trend is up and will be down after sustaining below 200 Day EMA(Today at 5632)
2- Intermediate term trend is up and will be down after sustaining below 5693.
3- Short term trend is down and will be up after sustaining below 5856.
4- Tripple top formations with intraday charts distribution patterns within 5880-5912 therefore it is strong resistance and market require complete consolidation to cross it.
5- Next support range is 5695-5730 and it is weak support.
6- Nifty got intraday support between 5707-5725 on 30-04-2011.
7- Last 20 sessions trading range is 5695-5944 with tripple top and double bottom formations.
Resistance and Supports
1- Resistance at Falling Trend Line(5944)
2- Support at 5693
3- Support at 200 Day EMA(Today at 5632)
4- Support at 5561(Gap)
5- Support at Rising Trend Line(5561)
Supports & Resistance Chart:-
Conclusions (After Putting All Studies Together)
Higher levels selling is clear from Nifty-Micro Analysis of 10 Days Intra Day Chart therefore down moves were seen but in Water Fall (Bullish) Pattern also in last 3 days. Next support range is 5695-5730 and breaking down of 5695 will mean Intermediate term trend turning down, that will be confirmation of more downward moves with 3 weeks to 3 months down markets.
Weekly MACD Upward intersection and Pennant Formation are telling down moves maximum upto rising trend line and then up moves. Correction is on but Long term trend is up and expectd that Nifty will condolidate after getting support at above mentioned levels and rally will remain continued.
Present market is range bound range between 5695-5944 and follow up moves in the begining of week will decide deeper correction or range bound market but it is conform that market require complete consolidation and that will take its own time in consolidation process.
As good selling at higher levels therefore market was down but intraday support also seen last Friday therefore firstly range bound market between 5730-5780 in the begining of week,then follow up buying or selling within this range and after that follwing ranges break out will decide next moves:-
1- 5730-5780- First strong indication of next moves but multiple resistances above 5780 and market require complete consolidation at each step for a rally.
2 5695-5912- Deeper correction below 5693 and rally confirmation above 5912
Follow up moves between 5730-5780 and according to break out next moves will be will be seen in the week.
1- Long term trend is up and will be down after sustaining below 200 Day EMA(Today at 5632)
2- Intermediate term trend is up and will be down after sustaining below 5693.
3- Short term trend is down and will be up after sustaining below 5856.
4- Tripple top formations with intraday charts distribution patterns within 5880-5912 therefore it is strong resistance and market require complete consolidation to cross it.
5- Next support range is 5695-5730 and it is weak support.
6- Nifty got intraday support between 5707-5725 on 30-04-2011.
7- Last 20 sessions trading range is 5695-5944 with tripple top and double bottom formations.
Resistance and Supports
1- Resistance at Falling Trend Line(5944)
2- Support at 5693
3- Support at 200 Day EMA(Today at 5632)
4- Support at 5561(Gap)
5- Support at Rising Trend Line(5561)
Supports & Resistance Chart:-
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| Just click on chart for its enlarged view |
Conclusions (After Putting All Studies Together)
Higher levels selling is clear from Nifty-Micro Analysis of 10 Days Intra Day Chart therefore down moves were seen but in Water Fall (Bullish) Pattern also in last 3 days. Next support range is 5695-5730 and breaking down of 5695 will mean Intermediate term trend turning down, that will be confirmation of more downward moves with 3 weeks to 3 months down markets.
Weekly MACD Upward intersection and Pennant Formation are telling down moves maximum upto rising trend line and then up moves. Correction is on but Long term trend is up and expectd that Nifty will condolidate after getting support at above mentioned levels and rally will remain continued.
Present market is range bound range between 5695-5944 and follow up moves in the begining of week will decide deeper correction or range bound market but it is conform that market require complete consolidation and that will take its own time in consolidation process.
As good selling at higher levels therefore market was down but intraday support also seen last Friday therefore firstly range bound market between 5730-5780 in the begining of week,then follow up buying or selling within this range and after that follwing ranges break out will decide next moves:-
1- 5730-5780- First strong indication of next moves but multiple resistances above 5780 and market require complete consolidation at each step for a rally.
2 5695-5912- Deeper correction below 5693 and rally confirmation above 5912
Follow up moves between 5730-5780 and according to break out next moves will be will be seen in the week.