Nifty-Micro Analysis of Intra Day Chart For 31-01-2012
Nifty-Intra Day Chart(30-Jan-2012):-
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Technical Patterns and Formations in today intraday charts
1- Selling between 5147-5165
2- Whole day down moves in falling channel
3- Whole day trading between 5077-5165
Conclusions from intra day chart analysis
Very Short Term correction was told in following topics during last 3 days and sustaining below 5120 possibility was also told during trading hours. All that which was told for today market proved 100% accurate during trading hours:-
1- Very Short Term Correction is Due
2- Rally after very short term correction
Correction was due and it was seen today.Good support between 5000-5050,its testing possibility can not be ruled out as well as this range will be firstly watched for the life of on going correction.
As Nifty moved down and closed below last 3 sessions range more down moves possibility can not be ruled out as well as sustaining beyond mentioned support will be firstly watched for next moves confirmations.
Just Watch 5000-5050 for correction completion/continuation confirmations.