Nifty-20 days Intra Days Chart Micro Analysis(Nov 14 to Dec 02,2011)

Nifty-Intra Day Chart(Nov 14 to Dec 02,2011):-

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Technical Patterns and Formations in last 20 days intraday charts

1- Support and base formation at lower levels
2- 7 Days Rally
3- Sharp surge last Friday.
4- All intraday Oscillators in overbought zone.

Conclusions from 20 Days intra day chart analysis 

Strong rally seen in last week after lower levels base formations therefore very short term intraday indicators have reached into overbought zone and firstly cooling down is expected through minor correction which may be little deeper. This fact should also be kept in mind that many times bullish market corrects in range bound mode.