Technical Analysis and Research of EOD charts,Micro Analysis of Nifty Intra Day Charts,Technical Positions,next possibilities have already been explained in following topicS with Charts therefore not being repeated:-
Long term trend is still down and Nifty faced resistance at 5605 in previous week.Pull Back Rally stopped exactly near Neck Line(5605) and retraced 2 times in previous week. Immediate supports and resistances are as follows:-
1- Support,base formation and consolidation between 5459-5473 on 30-05-2011
2- Support between 5500-5540
3- Resistance between 5555-5600
Nifty will first prepare for next moves between 5459-5605 in this week and sustaining beyond this range will give confirmation to next trends.
Global cues are weak today morning therefore Indian markets will open weak and first trade between first support range(5500-5540). Until Nifty is above 5459 till then 26-05-2011 started rally is safe. Expected that Nifty will first hover around 5500 after weak opening and sustaining beyond 5500 will be next moves first indication.
Possibilities have been discussed and expected that Nifty will trade in first trade in negative zone after weak opening and prepare for next moves.Let Market prepare for next moves then will be decided according to intraday charts formations and will be posted in Mid-sessions Outlooks.
1- Support,base formation and consolidation between 5459-5473 on 30-05-2011
2- Support between 5500-5540
3- Resistance between 5555-5600
Nifty will first prepare for next moves between 5459-5605 in this week and sustaining beyond this range will give confirmation to next trends.
Global cues are weak today morning therefore Indian markets will open weak and first trade between first support range(5500-5540). Until Nifty is above 5459 till then 26-05-2011 started rally is safe. Expected that Nifty will first hover around 5500 after weak opening and sustaining beyond 5500 will be next moves first indication.
Possibilities have been discussed and expected that Nifty will trade in first trade in negative zone after weak opening and prepare for next moves.Let Market prepare for next moves then will be decided according to intraday charts formations and will be posted in Mid-sessions Outlooks.