Nifty-Micro Analysis of Intra Day Chart For 05-01-2012
Nifty-Intra Day Chart(04-Jan-2011):-
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Technical Patterns and Formations in today intraday charts
1- Consolidation between 4735-4756
2- Rounding bottom support formation
3- Whole day consolidation patterns only
4- Whole day trading between 4730-4780
Conclusions from intra day chart analysis
As intraday patterns of today are showing lower levels good support and whole day consolidation pattern formations also therefore today most time negative zone trading will be understood as very short term correction only and continuation of rally is expected in the coming sessions.
Expected that Nifty will firstly hover around today trading range(4730-4780) but will not sustain below 4730 and finally cross and sustain above 4730 as well as rally will remain continued in the coming sessions.