Nifty-Micro Analysis of Intra Day Chart For 26-12-2011
Nifty-Intra Day Chart(23-dec-2011):-
Technical Patterns and Formations in today intraday charts
1- Five Falling Channels
2- Upside break out in last biggest Falling Channel of the day.
3- Whole day intraday consolidation pattern formation despite negtive closing today.
4- Whole day trading between 4694-4763
Conclusions from intra day chart analysis
Pull Back rally is on and today negative closing as well as intraday correction was very much expected therefore following lines were told yesterday in Continuation of Rally after Consolidation and Minor Intraday Correction
"minor intraday correction is firstly required and tomorrow may be consolidation day but expected that Pull Back Rally will remain continued in the next week"
Although more consolidation may be seen in the beginning of next week but whole day intraday pattern is suggesting consolidation formation today therefore no threat to previous week started rally and its continuation will be seen after completion of minor correction today.
More topics will also be updated before the opening of next Monday market for confirmation of above given conclusion and more guidance.
Nifty-Intra Day Chart(23-dec-2011):-
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| Just click on chart for its enlarged view |
1- Five Falling Channels
2- Upside break out in last biggest Falling Channel of the day.
3- Whole day intraday consolidation pattern formation despite negtive closing today.
4- Whole day trading between 4694-4763
Conclusions from intra day chart analysis
Pull Back rally is on and today negative closing as well as intraday correction was very much expected therefore following lines were told yesterday in Continuation of Rally after Consolidation and Minor Intraday Correction
"minor intraday correction is firstly required and tomorrow may be consolidation day but expected that Pull Back Rally will remain continued in the next week"
Although more consolidation may be seen in the beginning of next week but whole day intraday pattern is suggesting consolidation formation today therefore no threat to previous week started rally and its continuation will be seen after completion of minor correction today.
More topics will also be updated before the opening of next Monday market for confirmation of above given conclusion and more guidance.