Nifty-Micro Analysis of Intra Day Chart For 17-02-2012
Nifty-Intra Day Chart(16-Feb-2012):-
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Technical Patterns and Formations in today intraday charts
1- Support between 5484-5495
2- Selling between 5512-5521
3- Selling between 5512-5529
4- Bearish Rising Wedge formation in last hour.
5- Whole day trading between 5484-5531
Conclusions from intra day chart analysis
All trends are up but overbought indicators are showing negative divergence also therefore correction is due in Indian markets. Market firstly require intraday selling patterns and then follow up selling as well as distribution patterns minimum on Daily charts then Short term correction will be seen. As intraday charts of today are showing selling patterns therefore only very short term minor correction will be considered if follow up selling develops tomorrow. Running Bullish markets complete correction in sideways moves and complete correction at higher levels also therefore today intraday selling and Bearish Rising Wedge pattern are not sufficient and follow up selling is must tomorrow for decisive down moves.
Global cues led moves seen in two previous sessions therefore today opening will depend on sentiment formation due to Global cues but finally sustaining beyond today trading range will give confirmation regarding:-
1- Sustaining above 5531 will mean On going rally continuation
2- Sustaining below 5484 will mean firstly very short term correction and rally continuation after its completion.