Technical Analysis,Researches & Market Outlook
(07-08-2012)
Nifty-Intra Day Chart (06-Aug-2012):- |
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1- Buying(support) between 5270-5282
2- Selling(resistance) between 5286-5293
3- Whole day trading between 5270-5293
Conclusions from intra day chart analysis
As whole day narrow range trading within 23 Nifty points with Lower levels buying and higher levels selling therefore market will firstly trade near about today trading range tomorrow and sustaining beyond today trading range will be next decisive move confirmation.
Nifty-EOD Chart(06-Aug-2012):-
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Strong Resistance between 5300-5365 and Nifty traded whole day today between 5270-5293 which is just below mentioned strong resistance range. As intraday selling patterns are also seen between 23 Nifty points narrow range therefore until complete consolidation will not be seen below 5300 and between above mentioned resistance range till then Nifty will not cross 5365.
Conclusions (After Putting All Studies Together)
As both intraday buying and selling patterns today therefore Indian markets are equally poised today for any side moves and today trading range forceful break out or sustaining beyond will pave the way of next trend.
All trends are up but follow up consolidations are must for crossing and sustaining above mentioned resistance ranges. As lower levels consolidations also seen today therefore on going rally continuation hopes are alive but next up moves may also be slow between 5300-5365.
Inverted Head and Shoulders like formations are also being developed and its confirmations will be above 5365(Neckline). Sustaining above 5365 will be confirmation of strong resistance crossing and huge Inverted Head and Shoulders formation which will result strong,blasting and fast moves.