Nifty-EOD Chart(17-Feb-2012):-
1- Long Term correction begun in falling trend line on 05-11-2010 from 6338
2- Rally begun in rising trend line on 20-12-2011 from 4532.
1- 5600-5700
2- 5800-5900
3- 6100-6200
4 Crucial Supports
1- 5323-5427
2- 5120-5190
3- 4995-5068
4- 4810-4900
Strong rally is on after forceful cross over of corrective falling Trendline. As Nifty retraced after testing of next resistance range(5600-5700) on 17-02-2012 therefore more consolidation is required to cross it and sustain above 5700.
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Technical Patterns and Formations in EOD charts
1- Long Term correction begun in falling trend line on 05-11-2010 from 6338
2- Rally begun in rising trend line on 20-12-2011 from 4532.
3 Crucial Resistances
1- 5600-5700
2- 5800-5900
3- 6100-6200
4 Crucial Supports
1- 5323-5427
2- 5120-5190
3- 4995-5068
4- 4810-4900
Conclusions from EOD chart analysis
Strong rally is on after forceful cross over of corrective falling Trendline. As Nifty retraced after testing of next resistance range(5600-5700) on 17-02-2012 therefore more consolidation is required to cross it and sustain above 5700.