Nifty-Intra Day Chart(16-Nov-2011):-
Technical Patterns and Formations in today intraday charts
1- Buying between 4990-5020
2- Selling between 5040-5058
3- Whole day trading between 4990-5063
Conclusions from intra day chart analysis
All trends are down and Nifty traded most of the time between strong support range 5010-5100 and LTP was near at top of the day amid violent volatility with lower levels buying and higher levels selling. As both buying and selling trading positions between 5990-5058 therefore sustaining beyond this range will be next moves confirmation.
Nifty-EOD Chart(16-Nov-2011):-
Technical Patterns and Formations in EOD charts
1- Again trading between previous 54 sessions range between 4720-5229
2- Strong support range between 5010-5100 and yesterday closing at lower levels between it.
3- No strong support between 4720-5010.
Conclusions
All trends are down,correction of Oct 2011 rally is on and Nifty has entered again between previous 54 sessions range between 4720-5229. Nifty traded and closed at the lower levels of strong support range between 5010-5100. As no strong support below 5010 therefore free fall is possible after breaking down and sustaining below of strong support range(5010).
Asian markets are not as much down as US markets closed in deep Red, sentiment is moderately dampened and weak opening is possible today. Nifty got intraday support between 4990-5020 yesterday and sustaining beyond this range should be watched for next moves confirmation as well as survival of mentioned strong support range(5010-5100).
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| Just click on chart for its enlarged view |
1- Buying between 4990-5020
2- Selling between 5040-5058
3- Whole day trading between 4990-5063
Conclusions from intra day chart analysis
All trends are down and Nifty traded most of the time between strong support range 5010-5100 and LTP was near at top of the day amid violent volatility with lower levels buying and higher levels selling. As both buying and selling trading positions between 5990-5058 therefore sustaining beyond this range will be next moves confirmation.
Nifty-EOD Chart(16-Nov-2011):-
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| Just click on chart for its enlarged view |
1- Again trading between previous 54 sessions range between 4720-5229
2- Strong support range between 5010-5100 and yesterday closing at lower levels between it.
3- No strong support between 4720-5010.
Conclusions
All trends are down,correction of Oct 2011 rally is on and Nifty has entered again between previous 54 sessions range between 4720-5229. Nifty traded and closed at the lower levels of strong support range between 5010-5100. As no strong support below 5010 therefore free fall is possible after breaking down and sustaining below of strong support range(5010).
Asian markets are not as much down as US markets closed in deep Red, sentiment is moderately dampened and weak opening is possible today. Nifty got intraday support between 4990-5020 yesterday and sustaining beyond this range should be watched for next moves confirmation as well as survival of mentioned strong support range(5010-5100).