Technical Analysis and Research of EOD charts,Micro Analysis of Nifty Intra Day Chart,Technical Positions,next possibilities have already been explained in following topics with 3 Charts therefore not being repeated:-
1- Nifty-Micro Analysis of Intra Day Chart For 11-07-2011
2- Nifty-Waves Structure From Jan 2008 Crash & Strength of Indian markets
3- 2 Bullish Formations in EOD Charts
Nifty-EOD Chart(08-Jul-2011):-
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1- Wave-4 completed correction in 'ABC' Pattern.
2- Impulsive Wave-5 is on.
3- Resistance at 200-Day SMA(5742)
4- Support above 200-Day EMA(5582)
5- Resistance at Falling Trend line last Friday.
6- 200-Day SMA is above Falling Trend line.
Conclusions
Immediate Supports and Resistances are as follows:-
1- Strong support between 5606-5628
2- Resistance between 5705-5728
Trend confirmation levels:-
1- Uptrend confirmation level is 200-Day SMA(5742) which is above Falling Trend line and sustaining above it will mean break out of that trend which stopped uptrend 3 times earlier.
2- Downtrend confirmation level is 200-Day EMA(5582) which is below strong support range of 5606-5628. Sustaining below it will mean trend reversal.
Indicators Analysis
Weekly indicators are below overbought zone,moving in upside direction and MACD intersected Average line upward therefore indicating big uptrend formation. Daily Indicators are in overbought zone and some are showing downward moves therefore showing some down moves.
Minor correction expected to cool down indicators and sentiments. As weekly indicators are telling for more upmoves possibility therefore Indicators are signalling more upmoves after some correction.
Conclusions (After putting all studies together)
Uptrend is very much intact,corrections are its parts and was seen last Friday.Now any Bearish market will not be considered until complete distribution patterns will not be seen minimum on EOD charts,
Expexted that Nifty will first trade between 5610-5700 in whatsoever bearish/bullish sentiment in the beginning of next week and also expected that Nifty will firstly consolidate between this range in the coming sessions.
Expected that Nifty will finally cross resistance range(5705-5728) of last Friday and rally above 200-Day SMA(5742) will be seen.