Technical Analysis,Researches & Market Outlook(12-12-2011)
Nifty-Intra Day Chart(12-dec-2011):-
Technical Patterns and Formations in today intraday charts
1- Positive trading
2- Sharp fall after weak IIP data
3- Selling between 4780-4815 in last more than 3 hours.
4- Whole day trading between 4756-4896
Nifty-EOD Chart(12-Dec-2011):-
Technical Patterns and Formations in EOD charts
1- All trends are down
2- Trend reversal Broadening Pattern formation in last 4 months at the bottom of 13 months correction.
3- Strong supports between 4640-4690 at the bottom of Broadening Pattern
Conclusions from intra day and EOD charts
All trends turned down and sharp declines seen after most depressing IIP data dclaration today as well as Nifty closed near the lower levels of next support range(4758-4800). As intraday selling was seen during last more than 3 hours between 4780-4815 today therefore more down moves will be seen and expected that last support range of Broadening Pattern(4640-4690) will be tested in the coming sessions.
As strong supports between 4640-4690 therefore sustaining beyond will be firstly watched tomorrow for next moves confirmations and now this support range is last hope for Bulls.
Nifty-Intra Day Chart(12-dec-2011):-
 |
| Just click on chart for its enlarged view |
1- Positive trading
2- Sharp fall after weak IIP data
3- Selling between 4780-4815 in last more than 3 hours.
4- Whole day trading between 4756-4896
Nifty-EOD Chart(12-Dec-2011):-
 |
| Just click on chart for its enlarged view |
1- All trends are down
2- Trend reversal Broadening Pattern formation in last 4 months at the bottom of 13 months correction.
3- Strong supports between 4640-4690 at the bottom of Broadening Pattern
Conclusions from intra day and EOD charts
All trends turned down and sharp declines seen after most depressing IIP data dclaration today as well as Nifty closed near the lower levels of next support range(4758-4800). As intraday selling was seen during last more than 3 hours between 4780-4815 today therefore more down moves will be seen and expected that last support range of Broadening Pattern(4640-4690) will be tested in the coming sessions.
As strong supports between 4640-4690 therefore sustaining beyond will be firstly watched tomorrow for next moves confirmations and now this support range is last hope for Bulls.