Nifty- 3 days Intra Day Chart:-
Main Features
1- Water Falling pattern on 17-05-2011
2- 2 Days good consolidations between 5402-5431
3- 2 Days minor distributions between 5436-5455
Conclusions
Good consolidations and base formations in last 2 days between 5402-5431 and minor distributions between 5436-5455. Nifty moved down on 17-05-2011 in Water Falling pattern and it means that down moves without much selling.
Good consolidations in last 2 days therefore expected that minor resistances will be crossed and pull back rally will be seen in the coming sessions.
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1- Water Falling pattern on 17-05-2011
2- 2 Days good consolidations between 5402-5431
3- 2 Days minor distributions between 5436-5455
Conclusions
Good consolidations and base formations in last 2 days between 5402-5431 and minor distributions between 5436-5455. Nifty moved down on 17-05-2011 in Water Falling pattern and it means that down moves without much selling.
Good consolidations in last 2 days therefore expected that minor resistances will be crossed and pull back rally will be seen in the coming sessions.