Nifty-Intra Day Chart(29-Sep-2011):-
Technical Patterns and Formations in today intraday charts
1- Support between 4906-4930
2- Strong rally in Rising channel
3- Whole day trading between 4906-5034
Conclusions
Whole day strong rally in rising channel after support between 4906-4930 and closing near day's highest. Strong rally today and last 2 sessions range crossed by force therefore more up moves possibility in the coming sessions is higher but today upmoves were on the back of stronger US Futures therefore more confirmations are required for the commencement of Pull Back rally. Sustaining above minimum one resistance range(5020-5060) is must for confirmation of Pull Back rally.
Dow's Futures was more than 100 points up during indian trading hours and US markets strong closing is must for maintaing of strong sentiment tomorrow. As today sharp surge was the result of strong Dow's Futures therefore US markets equally strong closing is required for continuation of rally tomorrow otherwise today started up moves may halt/reverse tomorrow.
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1- Support between 4906-4930
2- Strong rally in Rising channel
3- Whole day trading between 4906-5034
Conclusions
Whole day strong rally in rising channel after support between 4906-4930 and closing near day's highest. Strong rally today and last 2 sessions range crossed by force therefore more up moves possibility in the coming sessions is higher but today upmoves were on the back of stronger US Futures therefore more confirmations are required for the commencement of Pull Back rally. Sustaining above minimum one resistance range(5020-5060) is must for confirmation of Pull Back rally.
Dow's Futures was more than 100 points up during indian trading hours and US markets strong closing is must for maintaing of strong sentiment tomorrow. As today sharp surge was the result of strong Dow's Futures therefore US markets equally strong closing is required for continuation of rally tomorrow otherwise today started up moves may halt/reverse tomorrow.