Nifty-Intra Day Chart(29-Nov-2011):-
Technical Patterns and Formations in today intraday charts
1- Falling channel corrections
2- Support between 4804-4822
3- Support between 4788-4805
4- Whole day intraday consolidation patterns
5- Whole day trading between 4788-4866
Conclusions from intra day chart analysis
Intraday correction and vloatile market was clearly told before the opening of today market and it was seen whole day today. As today intraday charts are showing falling channels,lower levels supports and whole day consolidation patterns therefore expected that follow up buying will develop in the coming sessions and today begun very short term correction will finish within 1/2 day.
Pull back rally continuation possibility is high in the coming sessions despite 1% down closing today. Technically Indian markets are riped for a strong Pull Back Rally and amicable resolving of Retail FDI issue will trigger next rally as well as next trend confirmation will be sustaining beyond 4790-4870.
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1- Falling channel corrections
2- Support between 4804-4822
3- Support between 4788-4805
4- Whole day intraday consolidation patterns
5- Whole day trading between 4788-4866
Conclusions from intra day chart analysis
Intraday correction and vloatile market was clearly told before the opening of today market and it was seen whole day today. As today intraday charts are showing falling channels,lower levels supports and whole day consolidation patterns therefore expected that follow up buying will develop in the coming sessions and today begun very short term correction will finish within 1/2 day.
Pull back rally continuation possibility is high in the coming sessions despite 1% down closing today. Technically Indian markets are riped for a strong Pull Back Rally and amicable resolving of Retail FDI issue will trigger next rally as well as next trend confirmation will be sustaining beyond 4790-4870.