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Why Range of 5459-5473 is strong Support?

Nifty closed in Red on 30-05-2011 but intra day showed whole day consolidations 5459-5473 and Nifty rallied 99.00 points on 31-05-2011. Range of 5459-5473 was proved strong support on 30-05-2011 with following intraday chart and conclusions in following topic on 30-05-2011:-

30-05-2011 in Nifty-Micro Analysis of Intra Day Chart For 31-05-2011:-


Just go through and analyse intraday chart of 30-05-2011 to understand the strength of support(5459-5473):- 


 Nifty-Intra Day Chart(30-05-2011):-
Just click on chart for its enlarged view
Main Features

1- Support,base formation and consolidation between 5459-5473
2- Although Nity slipped from higher levels continuously 5 times but Patterns are showing consolidations
3- Whole day intraday consolidation

Conclusions

Nifty closed exactly at 5,473.10 today and intraday patterns of today are suggesting whole day consolidations therefore upmoves with continuous consolidations possibility is high. 

Nifty- Micro Analysis of 5 days Intra Day Chart For 06-06-2011

Nifty-Micro Analysis of 5 days Intra Day Chart(May 30 to Jun 03,2011)
Just click on chart for its enlarged view
Main Features

1- Support,base formation and consolidation between 5459-5473 on 30-05-2011
2- Support between 5500-5540
3- Resistance between 5555-5600

Conclusions


Sentiment may be depressed Monday morning because Dow Jones closed 97 points down yesterday and Indian markets weak opening can not be ruled out on Monday but strong Support,base formation and consolidation between 5459-5473 on 30-05-2011 and until Nifty will not sustain below 5459 will then on going up trend is safe.

Accuracy of Levels

Following line was told more than 20 times in previous outlooks:-

"Sustaining above 5605 will be strong rally confirmation"

                                          &

Nifty could not test 5605 and reversed on 03-06-2011 after forming the top at 5604.95

FII Trading Data in Derivatives Segment on 03-Jun-2011


Nifty-Micro Analysis of Intra Day Chart For 06-06-2011

Nifty-Intra Day Chart(03-06-2011):-
Just click on chart for its enlarged view
Main Features

1- Selling on the news of Reliance Ind. AGM news between 5580-5600
2- Last 3 Hours support between 5510-5535

Conclusions

Nifty traded last 3 hours between 5510-5535 today with intraday consolidation patterns but it is not sufficient and follow up buying and base formation is must between 5494-5535 in the begining of next week for support confirmations.

FII Trading Data in Derivatives Segment on 03-Jun-2011

FII trading activity on NSE and BSE in Capital Junket Segment(In Rs. Crores)
CategoryDateBuy ValueSell ValueNet Value
FII03-Jun-20111959.781514.52445.26


DII trading activity on NSE and BSE in Capital Junket Segment(In Rs. Crores)
CategoryDateBuy ValueSell ValueNet Value
DII03-Jun-2011488.37843.88-355.51

16 Recent Topics,Technical Analysis,News & Research For 06-06-2011 Trading

16 Topics have been posted for 06-06-2011 trading and more topics will be posted today and in next 2 days.Just click at following topics names and go through as well as analyse Chart:-

Topics prepared by Enjoy Daily Profits

1- Indian Stock Markets Closing Reports(03-06-2011)
2- Nifty Spot-Levels & Trading Strategy for 06-06-2011
3- Nifty(Jun Fut)-Levels & Trading Strategy for 06-06-2011
4- Bank Nifty(Jun Fut)-Levels & Trading Strategy for 06-06-2011
5- Nifty Spot-Weekly Levels & Trading Strategy(Jun 06 to Jun 10,2011)
6- FII & DII trading activity in Capital Market Segment on 03-Jun-2011
7- Nifty-Micro Analysis of Intra Day Chart For 06-06-2011
8- FII Trading Data in Derivatives Segment on 03-Jun-2011
9- Nifty-Micro Analysis of 5 days Intra Day Chart For 06-06-2011
10- Why Range of 5459-5473 is strong Support?
11-Most Bullish Pattern formation Indications


Important News

1- GDP to grow by up to 9.5% annually over next few years:Moody's
2- India to test fire Agni-V by year-end
3-Costlier food, fuel will dent India's growth most in Asia, says ADB
4-National manufacturing policy shortly, says Anand Sharma
5-Hardening interest rates, fuel prices pinch car sales momentum

Indian Stock Markets Closing Reports(03-06-2011)

Main features

1- Black Candle.
2- Engulfing Bearish Pattern
3- Selling on the news of Reliance Ind. AGM news
4- Last 3 Hours support between 5510-5535

Ratios

Nifty Put Call Ratio: 1.04
Nifty P/E Ratio(02-06-2011): 20.49

Advances & Declines

BSE ADVANCES : 1308
BSE DECLINES : 1502
NSE ADVANCES :  580
NSE DECLINES :  824

Nifty Open Interest Changed Today

Nifty- 5400 CE(03-06-2011)- +141750(+5.96%)
Nifty- 5400 PE(03-06-2011)- -102900(-1.36%)

Nifty- 5500 CE(03-06-2011)- +650150(+19.41%)
Nifty- 5500 PE(03-06-2011)- -675250(-10.53%)

Nifty- 5600 CE(03-06-2011)- +967700(+20.11%)
Nifty- 5600 PE(03-06-2011)- -121400(-4.38%)

Closing

Nifty- closed at 5,516.75(-33.60 Points & -0.61%)
Sensex- closed at 18,376.48(-117.70 Points & -0.64%)
CNX MIDCAP - closed at 7,992.95(-29.10 Points & -0.36%)
BSE SMALL CAP- closed at 8,238.69(-4.15 Points & -0.05%)

Nifty Spot-Levels & Trading Strategy for 06-06-2011


Nifty Spot-Levels                                                                                                                            R3 5674
R2 5639
R1 5577
Avg 5542
S1 5480
S2 5445
S3 5383

Nifty Spot-Trading Strategy

H6  5613    Trgt 2
H5  5591    Trgt 1
H4  5569    Long breakout
H3  5542    Go Short
H2  5533
H1  5524
L1  5507
L2  5498
L3  5489    Long
L4  5462    Short Breakout
L5  5440    Trgt 1
L6  5418    Trgt 2

Nifty(Jun Fut)-Levels & Trading Strategy for 06-06-2011


Nifty(Jun Fut)-Levels

R3 5683
R2 5645
R1 5584
Avg 5546
S1 5485
S2 5447
S3 5386

Nifty(Jun Fut)-Trading Strategy

H6 5622     Trgt 2
H5 5599     Trgt 1
H4 5577     Long breakout
H3 5550     Go Short
H2 5541
H1 5532
L1 5513
L2 5504
L3 5495     Long
L4 5468     Short Breakout
L5 5446     Trgt 1
L6 5423     Trgt 2

Bank Nifty(Jun Fut)-Levels & Trading Strategy for 06-06-2011

Bank Nifty(Jun Fut)-Levels                                                                                                         
R3 11111
R2 11025
R1 10893
Avg 10807
S1 10675
S2 10589
S3 10457

Bank Nifty(Jun Fut)-Trading Strategy

H6 10979     Trgt 2
H5 10930     Trgt 1
H4 10880     Long breakout
H3 10820     Go Short
H2 10800
H1 10780
L1 10741
L2 10721
L3 10701     Long
L4 10641     Short Breakout
L5 10591     Trgt 1
L6 10542     Trgt 2

Nifty Spot-Weekly Levels & Trading Strategy(Jun 06 to Jun 10,2011)

Nifty Spot-Weekly Levels

R3 5727
R2 5662
R1 5589
Avg 5524
S1 5451
S2 5386
S3 5313

Nifty Spot-Weekly Trading Strategy

H6 5655     Trgt 2
H5 5623     Trgt 1
H4 5591     Long breakout
H3 5553     Go Short
H2 5541
H1 5528
L1 5503
L2 5490
L3 5478     Long
L4 5440     Short Breakout
L5 5408     Trgt 1
L6 5376     Trgt 2

Pre-closing Outlook(03-06-2011)

Indian markets opening was excellent today morning but follow up buying patterns were missing and sentiment automotacally turned Bullish during AGM of RIL therefore Bullish views were not posted despite encouraging announcements by Mukesh Ambani. Following lines were told:-

"News based market since opening today morning therefore today trading range(5565-5605) break out will give confirmation to next decisive and trending moves"

5565 broken down fast after last 2 sessions some selling and today news based higher level selling therefore consolidation is must for any upmove. Next crucial levels are as follows:-

1- Next support range- 5495-5515
2- 38.2% retracement levels- 5494

Correction is on and Nifty is trading between above mentioned support range. Nifty traded last 2 hours between 5510-5535 today with intraday consolidation patterns but it is not sufficient and follow up buying and base formation is must between 5494-5535 in the begining of next week for support confirmations.

Mid-session Outlook-2(03-06-2011)

When sentiment was Bullish due to AGM of RIL then its psychological impacts were told and also explained reasons of today bullish markets. Although Indian markets were bullish but up moves were not convincing therefore following lines were told for precautions and confirmations:-

"News based market since opening today morning therefore today trading range(5565-5605) break out will give confirmation to next decisive and trending moves"  

Mid-session Outlook(03-06-2011)

AGM of RIL was scheduled today. As this news is psychologically enthusiastic therefore Indian markets moved up fast and traded above 5600 immediately after opening today morning. Nifty is trading in the upper band of 2nd Next moves preparation Range(5530-5597) and today first 2 hours trading range is 5575-5604.

News based market since opening today morning therefore today trading range(5565-5605) break out will give confirmation to next decisive and trending moves.

Post-open Outlook-2(03-06-2011)

Nifty today high is at 5604.95. Nifty by force crossing 4605 or sustaining above 5605 will mean blasting rally beginning.

Post-open Outlook(03-06-2011)

Strong opening,resistance range has almost been cleared and rally above 5600 possibility turns high today morning.

Technical Analysis,Researches & Market Outlook(03-06-2011)

Nifty moved up 268 points rally in 5 sessions,faced resistance and correction started just below 200 Day EMA(5605). Long term trend will be up above 5605 and Indian markets will show strong rally as well but correction started yesterday and retracement levels are as follows:-

23.6%- 5562
27.0%- 5524
38.2%- 5494
50.0%- 5563
61.8%- 5431

Next support ranges

1- 5495-5515(weak)
2- 5459-5473

Next Resistances ranges

1- 5558-5568
2- 5576-5596

Next crucial ranges

1- Next moves preparation Range-1:- 5538-5582
2- Next moves preparation Range-2:- 5530-5597

Nifty-Micro Analysis of 2 days Intra Day Chart(01-06-2011 & 02-06-2011)
Just click on chart for its enlarged view
Conclusions

Last 2 sessions intraday charts are showing both buying and selling patterns. Indian markets are not prepare for any decisive moves therefore expected that Nifty will trade first trade and prepare for next moves between 5530-5597 and break out of this range will give confirmation to correction continuation/completion. Next moves after break out of mentioned range will be as follows:-

1- Correction completion will mean strong rally above 5605.
2- Correction continuation will mean testing possibility of above mentioned retracement levels and support ranges.

All the aspects of Indian markets have been clearly explained like mirror. No guessing,No gossiping,let market prepare for next moves then final conclusion will be drawn from intraday charts formations and will be posted in Mid-session outlooks.

Nifty-Micro Analysis of Intra Day Chart For 03-06-2011


Nifty-Intra Day Chart(02-06-2011):-

Main Features


Sentiment was extremely depressed due to tanking global markets but Indian markets got intraday support immediately after opening and whole day outperformed global markets and traded narrow between 5538-5568.

Today intraday pateerns are not suggesting clear selling or buying and last 2 sessions are range bound with mixed intraday patterns therefore markets require more preparation in the coming sessions for decisive trending moves. Although higher levels selling but lower levels supports also and good lower level support amid most depressing sentiment after weak opening today.

It will be the best to wait for markets complete preparation for next moves and then break out last 2 sessions range(5530-5597)


Indian Stock Markets Closing Reports(02-06-2011)

Main features of today trading are as follows

1- White Candle and Red closing after gap down opening.
2- Whole day narrow range trading between (5538-5568)
3- Most Indices closed in Red.

Ratios

Nifty Put Call Ratio: 1.29
Nifty P/E Ratio(02-06-2011): 20.49

Advances & Declines

BSE ADVANCES : 1114
BSE DECLINES : 1725
NSE ADVANCES :  435
NSE DECLINES :  961

Nifty Open Interest Changed Today

Nifty- 5500 CE(Jun)- +301600(+9.01%)
Nifty- 5500 PE(Jun)- +1293300(+24.91%)

Nifty- 5600 CE(Jun)- +138400(+2.84%)
Nifty- 5600 PE(Jun)- +199950(+7.73%)

Closing 
Nifty- closed at 5,550.35(-41.65 Points & -0.74%)
Sensex- closed at 18,494.18(-114.63 Points & -0.62% )
CNX MIDCAP - closed at 8,022.05(-80.75 Points & -1.00%)
BSE SMALL CAP- closed at 8,242.84(-64.81 Points & -0.78%)

FII Trading Data in Derivatives Segment on 02-Jun-2011