Nifty-Micro Analysis of Intra Day Chart For 24-11-2011
Nifty-Intra Day Chart(23-Nov-2011):-
Technical Patterns and Formations in today intraday charts
1- Selling between 4735-4750
2- Support between 4644-4678
3- Whole day trading between 4640-4780
Conclusions from intra day chart analysis
Firstly selling and after that 64 sessions range broken down but its confirmation of sustaining below 4720 is required yet. This fact should be kept in mind that 54 sessions range highest(5229) was broken out on 28-10-2011 after encouraging news from Greece but Nifty again dipped within 54 sessions trading range after 8 sessions trading above 5229. As today moves below 5720 were due to crashing global markets also therefore sustaining below 4720 confirmation is must for further deeper crash .
Although selling at higher levels but lower levels good intraday support also between 4644-4678 therefore sustaining beyond today trading range will be confirmation of survival or breaking down of 64 sessions range. As intermediate term oscillators are oversold and two bullish Candles formations also yesterday therefore Indian markets are prepared for a strong bounce back and if Nifty sustains above 4720 then strong pull back rally will be seen.
Nifty-Intra Day Chart(23-Nov-2011):-
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| Just click on chart for its enlarged view |
1- Selling between 4735-4750
2- Support between 4644-4678
3- Whole day trading between 4640-4780
Conclusions from intra day chart analysis
Firstly selling and after that 64 sessions range broken down but its confirmation of sustaining below 4720 is required yet. This fact should be kept in mind that 54 sessions range highest(5229) was broken out on 28-10-2011 after encouraging news from Greece but Nifty again dipped within 54 sessions trading range after 8 sessions trading above 5229. As today moves below 5720 were due to crashing global markets also therefore sustaining below 4720 confirmation is must for further deeper crash .
Although selling at higher levels but lower levels good intraday support also between 4644-4678 therefore sustaining beyond today trading range will be confirmation of survival or breaking down of 64 sessions range. As intermediate term oscillators are oversold and two bullish Candles formations also yesterday therefore Indian markets are prepared for a strong bounce back and if Nifty sustains above 4720 then strong pull back rally will be seen.