Technical Analysis and Research of EOD chart,Micro Analysis of Nifty Intra Day Chart,Technical Positions and next possibilities have already been explained in following topics with 2 Charts therefore not being repeated:-
1- Technical Analysis and Research For 01-06-2011
2- Nifty-Micro Analysis of Intra Day Chart For 01-06-2011
3- Why range of 5500-5605 is Next Trend Deciding?
Conclusions (After Putting All Studies Together)
Short term and Intermediate term trends turned up yesterday and Long term trend will be up after sustaining above 5605. Almost 70% of the resistance has been cleared yesterday and remaining 30% resistance is not strong. Sustaing above 5605 will mean begining of fresh upmoves and worst is over.
Whole day continuous up moves were seen yesterday and in the last short term indicators turned overbought,sentiment was heated and intraday selling patterns seen in the last one hour between 5555-5570 therefore intraday consolidation is demand for today market. Good consolidations at lower levels therefore market require complete distribution patterns for any decisive down moves and whenever such intraday patterns will develop then first of all will be posted in this Blog only.
Finally Nifty moved above Wave-5 trend line(Rising lower line of Pennant) yesterday and with this Wave-5 and Pennant existence have been validated again therefore Indian markets are mature for big rally also and only last point is sustaining above 5605 and long term trend turning up.
As Nifty has to decisively cross 5605 therefore Nifty may take few hours to few session in consolidation process between 5540-5605 but very much expected that Nifty will finally cross and sustain above 5605 in the coming sessions/week and strong rally will be seen.