Market Outlook(12-07-2011)
Technical Analysis and Research of EOD and weekly charts,Micro Analysis of Nifty Intra Day Chart,Technical Positions,next possibilities have already been explained in following topics with 2 Charts therefore not being repeated:-
1- Nifty-Micro Analysis of Intra Day Chart For 12-07-2011
2- Rally after correction & Consolidation between 5610-5700
3- 2 Bullish Formations in EOD Charts
4- Nifty-Waves Structure From Jan 2008 Crash & Strength of Indian markets
Conclusions (After Putting All Studies Together)
Correction was expected and it was told also in all the outlooks which were updated for yesterday and this week. 5606-5628 had been strong support and and Nifty traded within this range more than 3 hours with intraday consolidation patterns yesterday. US markets are sharp down and Dow Jones is trading more than 180 points down and such weak closing will hamper the sentiment today morning and Red zone opening below 5600 possibility can not be ruled out but sustaining beyond 5600 will be strong indication of next trend.
Whatsoever may be bearish global cues but 5600 is strong support and and until Nifty will not sustain below 200 Day EMA(5582) till then view will not be bearish. Indian markets are in corrective mode and global markets are tanking therefore more weakness may be seen but firstly sustaining beyond 5600 and after that 200 Day EMA(5582) should be watched for next immediate moves confirmation.
As consolidation yesterday therefore finally up moves after more consolidations between 5582-5628 expected and sustaining beyond this range will be next moves confirmations.