Nifty-Micro Analysis of 5 days Intra Day Chart(Jun 20 to Jun 24,2011)
Nifty-Intra Day Chart(Jun 20 to Jun 24,2011):-
Indian markets proved first 4 days trading(5250-5330) range of previous week as strong support after gap up opening and strong rally on 24-06-2011. Nifty consolidated in last 4 days and most of the time on 24-06-2011 as well as crossed 3 following Resistance ranges in a single day:-
1- Resistance range- 5300-5320
2- Resistance range- 5360-5385
3- Resistance range- 5400-5440
Next crucial Supports & Resistances are as follows:-
1-Srrong resistance range is 5480-5604(First 10 days selling in June 2011)
2-Strong support range is 5250-5330(Previous week 4 days consolidation)
3-Strong support range is 5220-5250(June-July 2010 Flag Formation Strong Support)
Conclusions
Strong supports at lower levels below 5330 therefore will not easily dip below it and complete selling is required for slipping below it. In the same manner strong resistance above 5480 and complete consolidation is also must for any decisive rally above it.
Nifty traded between 5360-5477 on 24-06-2011 and trading range was exactly between mentioned supports and resistances. Nifty will not go anywhere in the next couple of sessions and will trade only within last Friday range to perform preparation procss for next moves.
Above conclusions are drawn from last week intraday chart analysis. Big change in EOD charts patterns and indicators after last Friday strong rally,its analysis with conclusions will be updated tomorrow and before Monday trading beginning.
Nifty-Intra Day Chart(Jun 20 to Jun 24,2011):-
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1- Resistance range- 5300-5320
2- Resistance range- 5360-5385
3- Resistance range- 5400-5440
Next crucial Supports & Resistances are as follows:-
1-Srrong resistance range is 5480-5604(First 10 days selling in June 2011)
2-Strong support range is 5250-5330(Previous week 4 days consolidation)
3-Strong support range is 5220-5250(June-July 2010 Flag Formation Strong Support)
Conclusions
Strong supports at lower levels below 5330 therefore will not easily dip below it and complete selling is required for slipping below it. In the same manner strong resistance above 5480 and complete consolidation is also must for any decisive rally above it.
Nifty traded between 5360-5477 on 24-06-2011 and trading range was exactly between mentioned supports and resistances. Nifty will not go anywhere in the next couple of sessions and will trade only within last Friday range to perform preparation procss for next moves.
Above conclusions are drawn from last week intraday chart analysis. Big change in EOD charts patterns and indicators after last Friday strong rally,its analysis with conclusions will be updated tomorrow and before Monday trading beginning.