All trends are down and Nifty traded between 4946-5230 during last 6 sessions after 93 Points(5323-5230) gap down opening on 05-08-2011. Last 6 sessions trading was on the back of most depressed Global cues but strong recovery seen in Global markets yesterday. As Indian markets were closed yesterday therefore Indian markets will react it with strong opening today.
Technical positions of last 6 sessions are as follows and that will decide next moves of Indian markets:-
Nifty-Micro Analysis of 10 days Intra Day Chart(Aug 01 to Aug 12,2011);-
Technical Patterns and Formations in last 10 sessions intraday charts
1-93 Points Gap(Resistance) between 5323-5230
2- Good selling between 5150-5225 in last 6 days.
3- Support between 4980-5090
Nifty-Daily Indicators Analysis(EOD Chart 01-Aug-2011):-
Conclusions
1- Bollinger Band- Nifty is trading near the lower band of Bollinger Band for the last 6 sessions therefore suggesting minimum a Bounce Back.
2- MACD- Distance increased between both lines therefore telling for minimum a Bounce Back
3- Slow Stochastic and William %R- Very hort term Indicators are oversold and suggesting Bounce Back.
Conclusions (After Putting All Studies Together)
Very short term Indicators are oversold and indicating Bounce Back/Pull Back Rally possibility but Intraday chaers are showing strong resistances(5150-5225) at higher levels as well 93 Points Gap(Resistance) between 5323-5230 also.
Last 6 sessions range range(4946-5230) will decide next phase of Indian markets. Lower levels supports and strong resistance at high levels within this range. Indian markets are not prepared for its break out and Nifty will prepare within it in the coming sessions and its break out repercussions are as follows:-
1- Sustaining below 4946 will mean possibility of 2008 like fall because that will be confirmation of 14 months structure breaking down.
2- Sustaining above 5230 and crossing 5323(Gap) will be confirmation of good consolidation
and then Rally possibility will arise.
Indian markets will counter next resistance(5150-5225) after good opening today but complete consolidation is required cross and sustain above 5225. Expected that Nifty will prepare for next moves between 5100-5160 today and follow up moves between this range will give next moves first indication.
As sentiment is strong today therefore whole day positive market and Green closing expected but intraday trading patterns and crossing of above mentioned levels will give next moves confirmations. Next moves confirmation first range is 5050-5225.
Technical positions of last 6 sessions are as follows and that will decide next moves of Indian markets:-
Nifty-Micro Analysis of 10 days Intra Day Chart(Aug 01 to Aug 12,2011);-
 |
| Just click on chart for its enlarged view |
1-93 Points Gap(Resistance) between 5323-5230
2- Good selling between 5150-5225 in last 6 days.
3- Support between 4980-5090
Nifty-Daily Indicators Analysis(EOD Chart 01-Aug-2011):-
 |
| Just click on chart for its enlarged view |
1- Bollinger Band- Nifty is trading near the lower band of Bollinger Band for the last 6 sessions therefore suggesting minimum a Bounce Back.
2- MACD- Distance increased between both lines therefore telling for minimum a Bounce Back
3- Slow Stochastic and William %R- Very hort term Indicators are oversold and suggesting Bounce Back.
Conclusions (After Putting All Studies Together)
Very short term Indicators are oversold and indicating Bounce Back/Pull Back Rally possibility but Intraday chaers are showing strong resistances(5150-5225) at higher levels as well 93 Points Gap(Resistance) between 5323-5230 also.
Last 6 sessions range range(4946-5230) will decide next phase of Indian markets. Lower levels supports and strong resistance at high levels within this range. Indian markets are not prepared for its break out and Nifty will prepare within it in the coming sessions and its break out repercussions are as follows:-
1- Sustaining below 4946 will mean possibility of 2008 like fall because that will be confirmation of 14 months structure breaking down.
2- Sustaining above 5230 and crossing 5323(Gap) will be confirmation of good consolidation
and then Rally possibility will arise.
Indian markets will counter next resistance(5150-5225) after good opening today but complete consolidation is required cross and sustain above 5225. Expected that Nifty will prepare for next moves between 5100-5160 today and follow up moves between this range will give next moves first indication.
As sentiment is strong today therefore whole day positive market and Green closing expected but intraday trading patterns and crossing of above mentioned levels will give next moves confirmations. Next moves confirmation first range is 5050-5225.