Technical Analysis and Market Outlook(22-08-2013)

Daily Indicators and Averages Analysis

Nifty-Daily Indicators and Averages Analysis Chart(21-Aug-2013):-

Just click on chart for its enlarged view

Averages(EMA-8,21,55,200)- Averages are as follows:

8 Day EMA is at- 5492
21 Day EMA is at- 5637
55 Day EMA is at- 5761
200 Day EMA is at- 5764
2- Bollinger Band- Lower Band moving down with the slipping of Nifty and indicating some up moves.
3- Slow Stochastic- Entering into oversold zone.
4- MACD- MACD line is below Average line and gap widen between both lines near oversold line
5- ROC- Entering into oversold zone.
6- RSI- Entering into oversold zone.

1. Conclusions from Daily Indicators and Averages Analysis 

Nifty is well below Long Term Trend decider 200 Day EMA and all the short term averages are below longer term averages as well. Nifty is below all the Averages therefore complete Bearish market confirmations.

Although most indicators are entering into oversold zone but not deeply oversold and positive divergence also not seen yet therefore some more down moves are still left before trend reversal and the beginning of any decisive up move.