Market Outlook(22-06-2011)
All the trends were already down and following 3 crucial Patterns gave Bear market confirmation after sharp 141 points fall on 20-06-2011:-
1-
4 months Head & Shoulders Pattern Neckline broken down below 5356.
2-
18 Months Rising Trend Line Broken Down5356.
3-
34 Sessions Trading Range Broken Down below 5329.
(Just click above links for detailed analysis)
Crossing 5329 and then sustaining above 5356 will be up moves confirmation and sustaining below 5329 will be long Bear market confirmation.
Next support range is 5220-5250 and next resistances are as follows:-
1- Next Resistance range is 5300-5320
2- Next Resistance range is 5360-5385
3- Next Resistance range is 5400-5440
4- Next Resistance range is 5480-5604
Sustaining above 5320 will be first upmove indication but chain of resistances therefore crossing 5385 will be up moves confirmation. Indian markets are well prepared for tanking and sustaining below 5220 will be long Bear phase confirmation.
Intraday patterns of 20-06-2011 and following days will give first confirmation of next big moves. Just click following links for Intraday charts analysis:-
1-
Nifty-Intra Day Chart(20-06-2011)
2-
Nifty-Intra Day Chart(21-06-2011)
Conclusions from last 2 sessions Intra Day Charts analysis
Selling seen between 5275-5320 in last 2 days and Nifty closed at 5275.85 on 21-06-2011 therefore this range will be watched first and sustaining beyond will be next moves confirmation. Strong support between 5220-5250 at lower levels and complete selling patterns are required for next big down moves confirmations
As last 2 sessions selling below support range of 5329 therefore strong indication of more weakness but sustaining beyond 5275-5320 will be watched first today because:-
1- Very short term indicators are oversold and indicating bounce back possibility.
2- Nifty moved below lower band of Bollinger-Band and indicating bounce back possibility.
3- Expected that Global cues will be strong today morning.
Bollinger-Band & Very short term indicators
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| Just click on chart for its enlarged view |
Firstly watch sustaining beyond 5275-5320 amid global bullish markets for next moves confirmations.
