Technical Analysis,Researches & Market Outlook(06-09-2011)
Nifty-Intra Day Chart(05-Sep-2011):-
Technical Patterns and Formations in today intraday charts
1- Good consolidation Patterns between 4966-4994
2- Two times falling Channel and its break out at higher levels of the day.
3- Whole day trading and consolidation between 4960-5022
Conclusions
Nifty traded whole day betwen 4960-5022 and intraday charts of whole day are suggesting good consolidation Patterns. Although crashing all Global markets today and Dow Futures is 253 points down at this moment also but whole good intraday consolidation today therefore up moves are expected in the coming sessions.
Last 3 sessions trading range is 4929-5064. Supports and resistances within this range are as follows;-
1- Strong supoport between 4929-4995
2- Strong supoport between 4995-5026
3- Resistance between 5037-5064
As all the Global markets are crashing therefore caution is must and above supports/resistance ranges break out should be watched for next moves confirmations. Today whole day good consolidation but follow up buying/selling will be firstly watched tomorrow. Follow up buying tomorrow will mean fast up moves. If follow up selling develops on the back of crashing Global markets then complete selling patterns are required for next down moves and slipping below 4929.
Pull Back rally is continued from 4720 and its correction is on between 4929-5064 for the last 3 sessions. As Good buying between 4929-5026 during last 3 sessions therefore finally upmoves and continuation of Pull Back Rally expected but caution is must for the only reason given above.
Nifty-Intra Day Chart(05-Sep-2011):-
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| Just click on chart for its enlarged view |
1- Good consolidation Patterns between 4966-4994
2- Two times falling Channel and its break out at higher levels of the day.
3- Whole day trading and consolidation between 4960-5022
Conclusions
Nifty traded whole day betwen 4960-5022 and intraday charts of whole day are suggesting good consolidation Patterns. Although crashing all Global markets today and Dow Futures is 253 points down at this moment also but whole good intraday consolidation today therefore up moves are expected in the coming sessions.
Last 3 sessions trading range is 4929-5064. Supports and resistances within this range are as follows;-
1- Strong supoport between 4929-4995
2- Strong supoport between 4995-5026
3- Resistance between 5037-5064
As all the Global markets are crashing therefore caution is must and above supports/resistance ranges break out should be watched for next moves confirmations. Today whole day good consolidation but follow up buying/selling will be firstly watched tomorrow. Follow up buying tomorrow will mean fast up moves. If follow up selling develops on the back of crashing Global markets then complete selling patterns are required for next down moves and slipping below 4929.
Pull Back rally is continued from 4720 and its correction is on between 4929-5064 for the last 3 sessions. As Good buying between 4929-5026 during last 3 sessions therefore finally upmoves and continuation of Pull Back Rally expected but caution is must for the only reason given above.