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Nifty-Micro Analysis of Intra Day Chart(15-04-2011)

Just click on chart for its enlarged view
Series of negative news flow led Down move triggered market today,Intra day supports and resistances were shown in Nifty-Micro Analysis of Intra Day Chart at 01:19 PM today with following lines:-

intraday Selling seen between 5850-5875 and minor intraday support also betwen 5808-5826.therefore Nifty will move between both ranges first.

As I told same happened and Nifty traded within mentioned range upto closing today. Both type of following bullish and bearish formation today:-

1- Bearish Harami Candle and selling between 5850-5875
2- Falling Wedge(Bullish) Pattern between 5850-5812 and buying between 5808-5826

As intraday resistance at higher levels and intraday support at lower level therefore firstly market has to open,trade and prepare within today intraday trading range(5800-5875) for decisive moves and that will be done within today trading range in the begining of next week.

Trading within today range will be watched first in the brgining of next week to decide break out direction and will also be tried to post final conclusions in the Blog as done today and also being done daily in Mid-session Outlooks.

(Detailed analysis will be posted within next 3 days in Post-closing Report(15-04-2011) & Monday Outlook,Weekly Outlook(18-04-2011 to 21-04-2011) and other analytical topics)
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