Technical Analysis and Research of EOD charts,Micro Analysis of Nifty Intra Day Chart,Technical Positions,next possibilities have already been explained in following topics with 2 Charts therefore not being repeated:-
1-
Nifty-Micro Analysis of Intra Day Chart For 20-06-2011
2-
Crucial Rising Trend line
3-
Daily Indicators and Averages Analysis
34 Sessions range bound market
All trends are down and Nifty is sustaining below 200 Day EMA for the last 34 sessions and trading range bound between 5329-5604. Support and Resistances within this range are as follows;-
1- Support between 5329-5375
2- Resistance No.-1 between 5424-5442
3- Resistance No.-2 between 5480-5605
Supports below 5329:-
Support1- 5233
Support2- 5178
Resistance above 5604:-
Resistance1- 5775
Resistance2- 5850
Resistance3- 5944
Nifty-EOD Chart(17-06-2011) showing range bound market:-
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| Just click on chart for its enlarged view |
Conclusions (After Putting All Studies Together)
Nifty is sustaining below 200 Day EMA for the last 34 sessions and all trends are down therefore Bearish market is confirm and only following 2 crucial lines are supporting Indian markets:-
1- 18 months old Rising Trend line and Nifty again got support on it last Friday at 5356.
2- Last 34 sessions range bound market in which Nifty got support at 5329 on 25-05-2011.
Only above 2 positive patterns on EOD charts and until Nifty is sustaining above 2 lines till then upmoves and rally hopes are alive. Nifty sustaining below above 2 lines will be Indian Bearish markets confirmation because Nifty is already sustaining below 200 Day EMA for the last 34 sessions and all trtends are already down.
18 months old Rising Trend line and it gave support 6 times therefore sustaining beyond this line will be confirmation of Bullish or Bearish phase. Sustaining below 5356 will be first strong indication of Bearish market and its confirmation will be sustaining below 5329.
Very short term indicators are suggesting bounce back and last Friday intraday charts are showing consolidation therefore an upmove expected on Monday but good selling at higher levels therefore market require complete consolidation for sustained rally and decisive up moves and its confirmation will be after crossing next crucial resistance(5442).
As intraday consolidation patterns therefore positive market expected on next Monday. Expected that Nifty will trade within 5329-5604 in the coming week.
Sustaining beyond 18 months old Rising Trend Line(last Friday at 5356) will be first strong Indication of Next Indian markets therefore it should be watched first of all for next move confirmations
