Technical Analysis,Researches & Market Outlook(12-09-2011)
Asian markets are markets are 1.5% to 3.15% down after US market more than 2.5% down closing therefore huge gap down opening and Red closing will be seen today. Weakness,Pull Back rally termination possibility and down moves confirmation levels were told again and again in all the Mid-session Outlook outlooks last Friday and following line was also told in Pre-Closing Outlook(09-09-2011)
"As good selling developed today therefore more down moves are also possible in the coming week"
Nifty-Micro Analysis of 5 days Intra Day Chart(Sep 05 to Sep 09,2011)
Nifty-Intra Day Chart(Sep 05 to Sep 09,2011):-
Technical Patterns and Formations in last 5 sessions intraday charts
1- Support between 4948-5000
2- Resistance between 5120-5166
Conclusions
Nifty slipped from higher levels last Friday and closed below 3 days lowest. Next support is between 4948-5000 and Nifty will firstly trade and prepare for next moves between this range. All trends are down and follow up selling will mean breaking down possibility of mentioned support range.
All trends are down and on going Pull Back rally also could not moved up too much as well as stopped after less than 10% rise therefore mentioned support range should be watched for confirmation of Pull Back Rally survival. Pull Back rally started from 4720 without much base formation and above mentioned range is only support therefore It is confirm that Nifty moving below 4948 will mean high possibility of sharp declines and retesting of 4720.
Nifty-EOD Chart(09-Sep-2011):-
Nifty faced resistance between next resistance range (5120-5220) and Gap resistance(5229-5323) is also validated therefore more down moves are confirm. Mentioned support range(4948-5000) is last hope and its survival should be firstly watched for deciding the fate of Pull Back Rally and next trend.
Most depressed sentiment today morning and high risk of support range(4948-5000) breaking down as well as market may be volatile also today.
Asian markets are markets are 1.5% to 3.15% down after US market more than 2.5% down closing therefore huge gap down opening and Red closing will be seen today. Weakness,Pull Back rally termination possibility and down moves confirmation levels were told again and again in all the Mid-session Outlook outlooks last Friday and following line was also told in Pre-Closing Outlook(09-09-2011)
"As good selling developed today therefore more down moves are also possible in the coming week"
Nifty-Micro Analysis of 5 days Intra Day Chart(Sep 05 to Sep 09,2011)
Nifty-Intra Day Chart(Sep 05 to Sep 09,2011):-
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| Just click on chart for its enlarged view |
1- Support between 4948-5000
2- Resistance between 5120-5166
Conclusions
Nifty slipped from higher levels last Friday and closed below 3 days lowest. Next support is between 4948-5000 and Nifty will firstly trade and prepare for next moves between this range. All trends are down and follow up selling will mean breaking down possibility of mentioned support range.
All trends are down and on going Pull Back rally also could not moved up too much as well as stopped after less than 10% rise therefore mentioned support range should be watched for confirmation of Pull Back Rally survival. Pull Back rally started from 4720 without much base formation and above mentioned range is only support therefore It is confirm that Nifty moving below 4948 will mean high possibility of sharp declines and retesting of 4720.
Nifty-EOD Chart(09-Sep-2011):-
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| Just click on chart for its enlarged view |
Most depressed sentiment today morning and high risk of support range(4948-5000) breaking down as well as market may be volatile also today.