Nifty-Micro Analysis of Intra Day Chart For 23-08-2011
Nifty-Intra Day Chart(22-Aug-2011):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 4809-4850
2- Rising channel Formation
3- Whole day trading between 4809-4907
Conclusions
EOD Chart analysis has already been explained in following topic on 21-08-2011 :-
Pull Back Rally Possibility from 4843
Pull Back rally begun after base formation between 4798-4850 in last two sessions and after that upmoves were seen in Rising channel between 4850-4905 yesterday.
Next immediate resistances are as follows:-
1- 4910-4932(Gap)
2- 5100-5200(Good selling)
As sentiment turned heated during last one hour of trading yesterday therefore market require some consolidation before any up move and slipping upto 4865 may be possible in consolidation precess otherwise continuation of yesterday started rally expected in the coming sessions.
Indian markets are technically mature for Pull back rally and its confirmation will be fresh consolidation firstly and then sustaining above 4891.
Expected that Nifty will finally sustain above 4891 after consolidation today.
Nifty-Intra Day Chart(22-Aug-2011):-
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| Just click on chart for its enlarged view |
1- Consolidation between 4809-4850
2- Rising channel Formation
3- Whole day trading between 4809-4907
Conclusions
EOD Chart analysis has already been explained in following topic on 21-08-2011 :-
Pull Back Rally Possibility from 4843
Pull Back rally begun after base formation between 4798-4850 in last two sessions and after that upmoves were seen in Rising channel between 4850-4905 yesterday.
Next immediate resistances are as follows:-
1- 4910-4932(Gap)
2- 5100-5200(Good selling)
As sentiment turned heated during last one hour of trading yesterday therefore market require some consolidation before any up move and slipping upto 4865 may be possible in consolidation precess otherwise continuation of yesterday started rally expected in the coming sessions.
Indian markets are technically mature for Pull back rally and its confirmation will be fresh consolidation firstly and then sustaining above 4891.
Expected that Nifty will finally sustain above 4891 after consolidation today.