Nifty-Intra Day Chart(28-12-2011):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 4785-4825
2- Whole day trading between 4775-4857
Conclusions from intra day chart analysis
Strong rally after whole day consolidations today and no signs of selling therefore continuation of rally expected in the coming sessions. Next resistance is between 4820-4870 and Nifty traded last more than one hour within this range,sustaining above 4870 will mean sharp moves toward 5000 because next resistance is above it.
Expected that up moves will remain continued and Nifty will test levels above 5000 in the coming sessions.
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1- Consolidation between 4785-4825
2- Whole day trading between 4775-4857
Conclusions from intra day chart analysis
Strong rally after whole day consolidations today and no signs of selling therefore continuation of rally expected in the coming sessions. Next resistance is between 4820-4870 and Nifty traded last more than one hour within this range,sustaining above 4870 will mean sharp moves toward 5000 because next resistance is above it.
Expected that up moves will remain continued and Nifty will test levels above 5000 in the coming sessions.