Nifty-Intra Day Chart (04-Apr-2013):-
Whole day down moves and most crucial levels broken down but without intraday selling patterns and on the back of depressed Global sentiments therefore sustaining below following crucial levels is must for the beginning of huge down moves confirmations:-
1- Nifty closed below the top of Wave 1(5629.95) today and it means recounting of Waves which started from 4531.15 on 20-12-2011 but as per our view today down closing was due to negative news flow from Global markets therefore breaking down confirmation is required through sustaining below 5629.95.
2- Although Nifty closed below 200 Day EMA(5673) and DMA(5637) but Long Term Trend confirmation is required yet through sustaining below both mentioned Averages.
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Conclusions
Whole day down moves and most crucial levels broken down but without intraday selling patterns and on the back of depressed Global sentiments therefore sustaining below following crucial levels is must for the beginning of huge down moves confirmations:-
1- Nifty closed below the top of Wave 1(5629.95) today and it means recounting of Waves which started from 4531.15 on 20-12-2011 but as per our view today down closing was due to negative news flow from Global markets therefore breaking down confirmation is required through sustaining below 5629.95.
2- Although Nifty closed below 200 Day EMA(5673) and DMA(5637) but Long Term Trend confirmation is required yet through sustaining below both mentioned Averages.
Sustaining below above mentioned crucial levels should be firstly watched in the coming sessions for the confirmations of big down moves but Indicators are showing positive divergence in oversold zone therefore Bounce back may be seen any day and its possibility is high tomorrow.