Nifty-Intra Day Chart(Jun 20 to Jun 22,2011):-
Main Features
1- Higher levels selling
2- Lower levels buying
3- 3 Days trading range is 5250-5320
Conclusions
Nifty slipped 141 points in 10 minutes and crucial supports broken down on 20-06-2011 after 'DTAA renegotiation' news. 3 crucial patterns(H & S,18 Months Rising Trend Line and 34 Sessions Trading Range) broken down in this sharp fall. Last technical formality of 3 days sustaining below crucial levels have also been completed on 22-06-2011 but required selling is not seen and lower levels buying was also seen in these 3 days within (5250-5320).
Last 3 sessions trading range break out and sustaining beyond must be watched because:-
1- Intraday patterns are mixed(both buying and selling)
2- 3 crucial patterns break down was news(DTAA renegotiation) based therefore whipsaw possiblity will also be considered after lower levels buying in these 3 days.
Indian markets will prepare for next moves between 5250-5320. Break out and sustaining beyond this range will be next moves confirmations. Let market reach at breaking out point then its inplications will be explained.
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1- Higher levels selling
2- Lower levels buying
3- 3 Days trading range is 5250-5320
Conclusions
Nifty slipped 141 points in 10 minutes and crucial supports broken down on 20-06-2011 after 'DTAA renegotiation' news. 3 crucial patterns(H & S,18 Months Rising Trend Line and 34 Sessions Trading Range) broken down in this sharp fall. Last technical formality of 3 days sustaining below crucial levels have also been completed on 22-06-2011 but required selling is not seen and lower levels buying was also seen in these 3 days within (5250-5320).
Last 3 sessions trading range break out and sustaining beyond must be watched because:-
1- Intraday patterns are mixed(both buying and selling)
2- 3 crucial patterns break down was news(DTAA renegotiation) based therefore whipsaw possiblity will also be considered after lower levels buying in these 3 days.
Indian markets will prepare for next moves between 5250-5320. Break out and sustaining beyond this range will be next moves confirmations. Let market reach at breaking out point then its inplications will be explained.