Nifty-Micro Analysis of Intra Day Chart For 28-12-2011
Nifty-Intra Day Chart(27-dec-2011):-
Technical Patterns and Formations in today intraday charts
1- Trading within Yesterday Trading Range(4758-4787) and both sides break out.
2- Down moves in Falling Channel with both sides break out.
3- Intraday Support at lower level between 4732-4747
4- Whole day trading between 4732-4800
Conclusions from intra day chart analysis
Following 2 consolidation signals;-
1- Down moves in Falling Channel
2- Intraday Support at lower level
Nifty traded most time within last two sessions between 4732-4800 with consolidation signals but today intraday slipping from higher levels and closing little above intraday lower levels also seen today therefore seems that today more than 4 hours down moves are giving correction indication of last 4 sessions upmoves.
For precaution sustaining beyond following levels will be kept in mind;-
1- Firstly Yesterday Trading Range(4758-4787) because Nifty traded and most time hovered around this range in last 2 sessions.
2- Today trading Range (4732-4800) because market reversed from intraday tops and bottoms of this range.
Today down moves and no clear intraday selling pattern but consolidation indications also therefore continuation hopes of previous week begun rally is alive. Although may slip little more but expected that finally on going rally will remin continued in the coming sessions after some more consolidation.
Nifty-Intra Day Chart(27-dec-2011):-
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1- Trading within Yesterday Trading Range(4758-4787) and both sides break out.
2- Down moves in Falling Channel with both sides break out.
3- Intraday Support at lower level between 4732-4747
4- Whole day trading between 4732-4800
Conclusions from intra day chart analysis
Following 2 consolidation signals;-
1- Down moves in Falling Channel
2- Intraday Support at lower level
Nifty traded most time within last two sessions between 4732-4800 with consolidation signals but today intraday slipping from higher levels and closing little above intraday lower levels also seen today therefore seems that today more than 4 hours down moves are giving correction indication of last 4 sessions upmoves.
For precaution sustaining beyond following levels will be kept in mind;-
1- Firstly Yesterday Trading Range(4758-4787) because Nifty traded and most time hovered around this range in last 2 sessions.
2- Today trading Range (4732-4800) because market reversed from intraday tops and bottoms of this range.
Today down moves and no clear intraday selling pattern but consolidation indications also therefore continuation hopes of previous week begun rally is alive. Although may slip little more but expected that finally on going rally will remin continued in the coming sessions after some more consolidation.