Following technical view was updated yesterday in Technical Analysis and Market Outlook(21-05-2013):-
Indicators are showing negative divergence in Overbought zone and Short Term correction is very much due but complete selling patterns are required on EOD charts for its beginning. Intraday or very Short term correction can be seen any day in heated yesterday market and it was seen also but let follow up selling develop and Nifty to sustain below next immediate support(6147) then Short Term correction will be considered.
Following guidance was updated today in Post-open Outlook(21-05-2013):-
Nifty is trading below 6147 now and firstly sustaining it beyond should be watched for correction continuation/completion.
Almost 3 hours trading below 6147 with intraday consolidation patterns between 6120-6135 and after that up moves seen above 6147. As today consolidation is just below last Friday consolidation range(6147-6165) therefore a strong signal of correction completion but confirmation will be after sustaining above 6165.
Indicators are showing negative divergence in Overbought zone and Short Term correction is very much due but complete selling patterns are required on EOD charts for its beginning. Intraday or very Short term correction can be seen any day in heated yesterday market and it was seen also but let follow up selling develop and Nifty to sustain below next immediate support(6147) then Short Term correction will be considered.
Following guidance was updated today in Post-open Outlook(21-05-2013):-
Nifty is trading below 6147 now and firstly sustaining it beyond should be watched for correction continuation/completion.
Almost 3 hours trading below 6147 with intraday consolidation patterns between 6120-6135 and after that up moves seen above 6147. As today consolidation is just below last Friday consolidation range(6147-6165) therefore a strong signal of correction completion but confirmation will be after sustaining above 6165.
Valid break out of 6120-6165 should be watched now for on going correction continuation/completion confirmation.