Nifty-Micro Analysis of Intra Day Chart(01-06-2011):-
Main Features
1- Intraday selling pattern between 5576-5596
2- Minor consolidations between 5566-5572
Conclusions and Market Outlook(02-06-2011)
Dow Jones is trading more than 200 points down and SGX Nifty is 55 points down therefore if I shall tell for any down moves at this moment then it will be understood that it is being told after getting above negative cues. Just go through my following analysis of last 2 sessions in which I never told for consolidations and also told 3 times for intraday selling patterns:-
1- Following line was told in Mid-session Outlook(01-06-2011):-
"selling at higher levels and minor consolidations at lower level"
2- Following line was told in Pre-closing Outlook(01-06-2011)
"both buying and selling indications from today intraday charts"
3- Following line was told in Nifty-Micro Analysis of Intra Day Chart For 01-06-2011
" Sentiment was heated therefore some selling patterns seen in last 1 hour(5555-5570)"
As immediate rally was least expected therefore following lines were also told two times today:-
"Expected that Nifty will consolidate between 5540-5605 and may take few hours to few session in this process. Very much expected that Nifty will finally cross and sustain above 5605 in the coming sessions/week and strong rally will be seen"
As selling patterns between 5576-5596 today therefore one dip will be seen tomorrow because sentiment may be depressed tomorrow morning after US markets deep Red expected closing today.
Tomorrow follow up intraday moves will decide the depth of down moves and until Nifty is sustaining above 5460 till then previous week begun up trend is safe.
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1- Intraday selling pattern between 5576-5596
2- Minor consolidations between 5566-5572
Conclusions and Market Outlook(02-06-2011)
Dow Jones is trading more than 200 points down and SGX Nifty is 55 points down therefore if I shall tell for any down moves at this moment then it will be understood that it is being told after getting above negative cues. Just go through my following analysis of last 2 sessions in which I never told for consolidations and also told 3 times for intraday selling patterns:-
1- Following line was told in Mid-session Outlook(01-06-2011):-
"selling at higher levels and minor consolidations at lower level"
2- Following line was told in Pre-closing Outlook(01-06-2011)
"both buying and selling indications from today intraday charts"
3- Following line was told in Nifty-Micro Analysis of Intra Day Chart For 01-06-2011
" Sentiment was heated therefore some selling patterns seen in last 1 hour(5555-5570)"
As immediate rally was least expected therefore following lines were also told two times today:-
"Expected that Nifty will consolidate between 5540-5605 and may take few hours to few session in this process. Very much expected that Nifty will finally cross and sustain above 5605 in the coming sessions/week and strong rally will be seen"
As selling patterns between 5576-5596 today therefore one dip will be seen tomorrow because sentiment may be depressed tomorrow morning after US markets deep Red expected closing today.
Tomorrow follow up intraday moves will decide the depth of down moves and until Nifty is sustaining above 5460 till then previous week begun up trend is safe.