Nifty-Intra Day Chart(14-dec-2011):-
Technical Patterns and Formations in today intraday charts
1- Selling between 4800-4838
2- Whole day trading between 4752-4838
3- Mixed Patterns between 4752-4770
4- Falling Channel in last 3 hours with consolidation indications.
Conclusions from intra day chart analysis
Next supports are as follows:-
1- 4735(Next Support)
2- Last support of 87 sessions Broadening Pattern is between 4640-4690
As strong support at 4735 and following two trading positions today therefore follow up selling and sustaining below 4735 is must for more down confirmations:-
1- Mixed Patterns between 4752-4770 during last hour today.
2- Falling Channel in last 3 hours with consolidation indications today.
Following two points are suggesting more weakness tomorrow:-
1- Good selling at higher levels and closing near the lower levels of the day today.
2- European markets closed from 1.6% to 3% down and US markets are more than 1% down at this moment.
All trends are down and more down moves can not be ruled out tomorrow on the back of weaker Global cues.
As above mentioned 2 trading positions during last 3 hours today therefore sustaining beyond above mentioned last support levels(4640-4690) will decide next trend and should be firstly watched for next big moves and long term trend confirmations.
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1- Selling between 4800-4838
2- Whole day trading between 4752-4838
3- Mixed Patterns between 4752-4770
4- Falling Channel in last 3 hours with consolidation indications.
Conclusions from intra day chart analysis
Next supports are as follows:-
1- 4735(Next Support)
2- Last support of 87 sessions Broadening Pattern is between 4640-4690
As strong support at 4735 and following two trading positions today therefore follow up selling and sustaining below 4735 is must for more down confirmations:-
1- Mixed Patterns between 4752-4770 during last hour today.
2- Falling Channel in last 3 hours with consolidation indications today.
Following two points are suggesting more weakness tomorrow:-
1- Good selling at higher levels and closing near the lower levels of the day today.
2- European markets closed from 1.6% to 3% down and US markets are more than 1% down at this moment.
All trends are down and more down moves can not be ruled out tomorrow on the back of weaker Global cues.
As above mentioned 2 trading positions during last 3 hours today therefore sustaining beyond above mentioned last support levels(4640-4690) will decide next trend and should be firstly watched for next big moves and long term trend confirmations.