Nifty-Intra Day Chart(14-Oct-2011):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 5073-5100
2- Last 90 minutes mixed patterns 5112-5140
3- Whole day trading between 5073-5141
Conclusions
Good lower levels consolidations last friday but next strong resistances are between 5145-5220 and mixed trading patterns also seen last Friday between 5073-5141 therefore Indian markets require complete consolidation firstly to cross 5141 and then finally to sustain above 5229.
Expected that sentiment will be strong Monday morning due to following reasons;-
1- Good RIL results last Saturday.
2- US market strong rally last Friday.
3- Indian markets benchmark Indices closing more than 1% up last Friday.
Coming couple of sessions will be crucial for deciding the net conclusion of last 47 sessions range bound market(4720-5229). It is confirm that market require complete consolidation to clear next strong resistances(5145-5220) therefore Follow up buying/selling intraday patterns will be firstly watched for first indication of next big moves and will be updated in the Mid-session Outlooks in the Blog as being done for the last one year.
All the possibilities are very much open at this moment and Indian markets are not prepared for any side trending market therefore no guessing and let market prepare for a decisive market after(or without) break out then final conclusions will be drawn accrding to markets positions and intraday charts formations.
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1- Consolidation between 5073-5100
2- Last 90 minutes mixed patterns 5112-5140
3- Whole day trading between 5073-5141
Conclusions
Good lower levels consolidations last friday but next strong resistances are between 5145-5220 and mixed trading patterns also seen last Friday between 5073-5141 therefore Indian markets require complete consolidation firstly to cross 5141 and then finally to sustain above 5229.
Expected that sentiment will be strong Monday morning due to following reasons;-
1- Good RIL results last Saturday.
2- US market strong rally last Friday.
3- Indian markets benchmark Indices closing more than 1% up last Friday.
Coming couple of sessions will be crucial for deciding the net conclusion of last 47 sessions range bound market(4720-5229). It is confirm that market require complete consolidation to clear next strong resistances(5145-5220) therefore Follow up buying/selling intraday patterns will be firstly watched for first indication of next big moves and will be updated in the Mid-session Outlooks in the Blog as being done for the last one year.
All the possibilities are very much open at this moment and Indian markets are not prepared for any side trending market therefore no guessing and let market prepare for a decisive market after(or without) break out then final conclusions will be drawn accrding to markets positions and intraday charts formations.