Nifty-Intra Day Chart(20-Oct-2011):-
Technical Patterns and Formations in today intraday charts
1- Down moves in Falling Channel.
2- Consolidation between 5034-5050.
3- Last 2 hours up moves between 5053-5097.
4- Whole day trading between 5034-5097.
Conclusions
On going pull back rally started on 05-10-2011 and its correction begun from 5160 after 8 sessions as well as good support also seen between 5012-5035 on 18-10-2011. As Global markets were bleeding therefore Indian markets dipped sharply after weak opening but again good intraday support and base formation seen between 5034-5050 today.
Huge violent volatility in Global markets nowadays therefore trading levels will be finalised accoring to global mood and sentiment tomorrow morning. Dow Jones is more than 110 points down after European markets near about 2% down closing but in Indian markets good support and base formation at lower levels(5012-5050) in last 6 sessions therefore expected that indian markets will remain range bound between 5012-5155.
Although Indian markets could not sustain at higher levels in last 6 corrective sessions but selling are not strong at higher levels therefore 5012-5155 break out should be watched for next moves confirmations despite whatsoever depressing global markets because good support and base formation between 5012-5050 also.
 |
| Just click on chart for its enlarged view |
1- Down moves in Falling Channel.
2- Consolidation between 5034-5050.
3- Last 2 hours up moves between 5053-5097.
4- Whole day trading between 5034-5097.
Conclusions
On going pull back rally started on 05-10-2011 and its correction begun from 5160 after 8 sessions as well as good support also seen between 5012-5035 on 18-10-2011. As Global markets were bleeding therefore Indian markets dipped sharply after weak opening but again good intraday support and base formation seen between 5034-5050 today.
Huge violent volatility in Global markets nowadays therefore trading levels will be finalised accoring to global mood and sentiment tomorrow morning. Dow Jones is more than 110 points down after European markets near about 2% down closing but in Indian markets good support and base formation at lower levels(5012-5050) in last 6 sessions therefore expected that indian markets will remain range bound between 5012-5155.
Although Indian markets could not sustain at higher levels in last 6 corrective sessions but selling are not strong at higher levels therefore 5012-5155 break out should be watched for next moves confirmations despite whatsoever depressing global markets because good support and base formation between 5012-5050 also.