Nifty-Intra Day Chart(19-Oct-2011):-
Technical Patterns and Formations in today intraday charts
1- Consolidation Patterns between 5076-5085
2- Consolidation between 5095-5102
3- 3 Hours mixed patterns between 5108-5125
4- Last 1 hour up move without force between 5122-5148
5- Whole day trading between 5095-5148
Conclusions
Nifty traded last 3 hours between 5108-5125 with mixed patterns on 17-10-2011 and Nifty again traded 3 hours within same same range today. Firstly trading with mixed patterns today and after that up move in last 1 hour without force between 5122-5148 therefore more requirement of consolidation and up moves confirmation through sustaining above 5125 and minimum crossing first resistance range of 5125-5155 tomorrow or in the coming sessions.
Resistances at higher levels are as follows;-
1- Selling between 5135-5155(on 17-10-2011)
2- Old Resistance 5145-5220
Resistances at higher levels therefore follow up buying and consolidation is must for crossing above resistances and sustaining above last 50 sessions trading range highest(5229)
Firstly watch sustaining above 5125 and that will be first strong signal of blasting rally beginning above 5229. If Nifty fails to sustain above 5125 then break out and sustaining beyond 6 hours trading range(5108-5125) should be watched for next moves confirmations.
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1- Consolidation Patterns between 5076-5085
2- Consolidation between 5095-5102
3- 3 Hours mixed patterns between 5108-5125
4- Last 1 hour up move without force between 5122-5148
5- Whole day trading between 5095-5148
Conclusions
Nifty traded last 3 hours between 5108-5125 with mixed patterns on 17-10-2011 and Nifty again traded 3 hours within same same range today. Firstly trading with mixed patterns today and after that up move in last 1 hour without force between 5122-5148 therefore more requirement of consolidation and up moves confirmation through sustaining above 5125 and minimum crossing first resistance range of 5125-5155 tomorrow or in the coming sessions.
Resistances at higher levels are as follows;-
1- Selling between 5135-5155(on 17-10-2011)
2- Old Resistance 5145-5220
Resistances at higher levels therefore follow up buying and consolidation is must for crossing above resistances and sustaining above last 50 sessions trading range highest(5229)
Firstly watch sustaining above 5125 and that will be first strong signal of blasting rally beginning above 5229. If Nifty fails to sustain above 5125 then break out and sustaining beyond 6 hours trading range(5108-5125) should be watched for next moves confirmations.