Technical Analysis and Market Outlook
(09-07-2013)
Nifty-Intra Day Chart (08-Jul-2013):-
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1- Support between 5775-5795
2- Up moves with intraday corrections.
3- Whole day actual trading between 5775-5831
Conclusions from intra day chart analysis
Firstly slipping from higher levels but lower levels supports and up moves with intraday correction therefore possibility of some up moves in the coming session. Next immediate resistances are as follows:-
1- 5831-5843
2- 5873-5900
3- 5900-5969
Next immediate supports are as follows:-
1- 5775-5810
2- 5762-5781
3- 5566-5650
Corrective Wave-C continuation with lower levels strong supports and higher levels good resistances also therefore following conclusive line was told in Technical Analysis and Market Outlook(04-07-2013) and Technical Analysis and Market Outlook(05-07-2013) and being repeated:-
sideways broader range market between 5762-5969 will be considered
Expected that firstly Nifty trade between 5762-5969 in the coming sessions and prepare for next moves. Follow up selling and sustaining below 5762 will mean sharp fall toward 5566 and its possibility is turning higher now despite recovery from lower levels yesterday because Wave-C correction is continued.