Nifty-Micro Analysis of Intra Day Chart For
14-03-2012
Nifty-Intra Day Chart(13-Mar-2012):- |
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1- Most time trading within 21 points between 5417-5438
2- Intraday selling patterns at higher levels between 5428-5438.
3- Up moves lacking force.
4- Whole day trading between 5406-5438
Conclusions from intra day chart analysis
More than 3 hours good selling was seen between 5458-5422 on 29-02-2012 and it is last resistance of previous 12 sessions trading range also. Nifty traded almost whole day between and little below this range within 21 points between 5417-5438 today.
As clear selling patterns today between 29th Feb selling range therefore previous resistance range has strengthened today and view is cautious. Firstly sustaining above today intraday selling range(5428-5438) and after that sustaining above 29th Feb resistance range top(5458) is must for continuation of rally.
Rally is on after completion of correction and only one day intraday selling patterns are not sufficient and more selling patterns are must to tell for rally termination.
Follow up consolidation/distribution patterns and sustaining beyond 5417-5438 will be firstly watched tomorrow for next moves confirmations.