Nifty-Micro Analysis of 3 Days Intra Day Charts(04-05-2011 to 06-05-2011)
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1- Mixed Patterns in last 3 days between 5500-5560
a- 04-05-2011-
1- Intraday Resistance 5532-5546
2- Intraday support 5510-5530
b- 05-05-2011-
1- Genuine selling between 5525-5560
2- Mixed Patterns between 5455-5490
Nifty-Micro Analysis of Intra Day Chart(06-05-2011)
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Patterns are mixed but conclusions are toward consolidations after using discretion
conclusions from 3 Days Intra Day Charts Analysis
All Bullish barriers have been broken down in last 7 sessions Bearish storm and until complete consolidation will not happen till then market will not reverse. Sustaining above minimum one resistance is must for an up move confirmations. Nifty traded most of the time with mixed trading patterns between 5500-5560 in last 3 days. Nifty traded between 5500-5560 with trading patterns but conclusion is favouring consolidations.
Last 3 days range is 5500-5560 and its break out will mean:-
1- Nifty crossed 5560 but slipped and closed below it within mentioned range. Nifty crossing and sustaining above 5560 will mean 3 days base formation after 9 days sharp fall but sustaining above 5585 and 200 Day EMA is must for trend reversal and Bull rally.
2- Bear phase is on and fresh seeling in the begining of coming week will lead below 5500 for deep bearish market.
As 3 days narrow range moves therefore will better and safer to watch 5500-5560 and get confirmations from break out in first couple of sessions in next week.