Nifty-EOD Chart(15-06-2011) showing 32 sessions Range Bound Market(5329-5605):-
Nifty is trading between 5329-5605 for the last 32 sessions and also preparing for next moves between this range. Break out of mentioned range will give following decisive trend to Indian markets;-
1- Sustaing above 5605 will mean all trends are turning up and blasting rally after long range bound consolidations.
2- All trends are already down and sustaining below 5329 will mean breaking down after long range bound distributions and that will mean beginning of long Bear phase also.
All the technical points have already been told in Weekly Outlook(Jun 13 to Jun 17,2011) and break out implications are updated above. Now only internal construction of mentioned range(5329-5605) will be discussed and will try to understand next moves before break out of range. Next resistances and supports within this range are as follows:-
1- Strong resistance is 5480-5604
2- Strong support is 5329-5400
Next support 2 below 5329 are:-
1- 5233
2- 5178
Most Asian markets are more than 1% down today morning after US markets 1.5% yesterday crash. Huge selling at higher levels and no consolidation at lower levels yesterday therefore Nifty will trade between next and last support range 5329-5400. Follow up selling below 5400 today will mean break ing down possibility of 5329.
Gap down opening and Red closing after whole day negative zone trading is also very much possible.Expected 1st range of today is 5375-5415 and Nifty will first prepare for next moves within this range. Let market prepare for next moves then will be updated from intraday charts analysis in Mid-session Outlooks as was done yesterday and down moves were declared near yesterday higher levels in following line:-
Mid-session Outlook(15-06-2011):- Selling developed just below strong resistance range therefore more down moves will be seen now.
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1- Sustaing above 5605 will mean all trends are turning up and blasting rally after long range bound consolidations.
2- All trends are already down and sustaining below 5329 will mean breaking down after long range bound distributions and that will mean beginning of long Bear phase also.
All the technical points have already been told in Weekly Outlook(Jun 13 to Jun 17,2011) and break out implications are updated above. Now only internal construction of mentioned range(5329-5605) will be discussed and will try to understand next moves before break out of range. Next resistances and supports within this range are as follows:-
1- Strong resistance is 5480-5604
2- Strong support is 5329-5400
Next support 2 below 5329 are:-
1- 5233
2- 5178
Most Asian markets are more than 1% down today morning after US markets 1.5% yesterday crash. Huge selling at higher levels and no consolidation at lower levels yesterday therefore Nifty will trade between next and last support range 5329-5400. Follow up selling below 5400 today will mean break ing down possibility of 5329.
Gap down opening and Red closing after whole day negative zone trading is also very much possible.Expected 1st range of today is 5375-5415 and Nifty will first prepare for next moves within this range. Let market prepare for next moves then will be updated from intraday charts analysis in Mid-session Outlooks as was done yesterday and down moves were declared near yesterday higher levels in following line:-
Mid-session Outlook(15-06-2011):- Selling developed just below strong resistance range therefore more down moves will be seen now.