Nifty-Intra Day Chart(02-Jan-2011):-
Technical Patterns and Formations in today intraday charts
1- Whole day good consolidation between 4590-4625
2- Whole day trading between 4590-4640
Conclusions from intra day chart analysis
Following supports were given last Saturday:-
1- 4602-4624
2- 4560-4590
Nifty got support at 4588 and whole day consolidated yesterday between above mentioned both supports therefore they have strengthened and short term up move is due now. As Global markets are also strong today morning therefore whole positive zone trading and Green closing is expected after gap up opening today.
Multiple resistances at higher levels therefore fresh consolidation is required before sustained up moves and first of all sustaining above following 2 levels are must for Bull's confidence:-
1- 4693(Wave-1 Top)
2- 4720(Bottom of more than 95 sessions range)
Expected that Nifty will finally sustain above both levels strong rally will be seen in the coming sessions but confirmation is also firstly must through sustaining above both levels.
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1- Whole day good consolidation between 4590-4625
2- Whole day trading between 4590-4640
Conclusions from intra day chart analysis
Following supports were given last Saturday:-
1- 4602-4624
2- 4560-4590
Nifty got support at 4588 and whole day consolidated yesterday between above mentioned both supports therefore they have strengthened and short term up move is due now. As Global markets are also strong today morning therefore whole positive zone trading and Green closing is expected after gap up opening today.
Multiple resistances at higher levels therefore fresh consolidation is required before sustained up moves and first of all sustaining above following 2 levels are must for Bull's confidence:-
1- 4693(Wave-1 Top)
2- 4720(Bottom of more than 95 sessions range)
Expected that Nifty will finally sustain above both levels strong rally will be seen in the coming sessions but confirmation is also firstly must through sustaining above both levels.