Nifty Page: 11-09-2012

Reproducing my yesterday's EOD post:

EOD

Tiredness in Upward move was visible today and the MACD 5.34.5 on Hour charts gave a bearish cross-over on Hour charts:

However,whether this "pause" gets converted into a retracement or not remains to be seen as Daily charts have shown Bullish cross-over:

Hourly charts have gone in overbought zone and would need a cooling-off.Whether it comes now or after another 50 point upward grind is not yet clear--

Pre-market 11.9.2012
Global sentiments indicate a down day.
20DMA at 5335 to be the first support
The gap at 5309 would be next. 

EOD
So the 20DMA support it was and then upmove began again---
And the same dichotomy continued.
On one hand we have Daily charts wherein there is a Bullish engulfing candle,5/10DMA bullish cross and MACD bullish cross:

But the Hour charts are now showing increasing fatigue,with negative divergence and a pattern which can be seen as a 5 wave Impulse:

In the above Hour Chart, the 5th subwave can not go above 1.62x(44)=5404--- so those who wish to play downside in view of negative divergence in Hour charts,can go short with a stop-loss at 5405.But now the chances of corrective going below 5309 have become very bleak.