Nifty-Intra Day Chart(Feb 27 to Mar 01,2012):-
1-Pennant Formation in 5 days intraday chart.
2- Higher Bottoms formations
3- Lower tops formations
4- Panic bottom at 5268 on 27-02-2012
5- Support at 5298
6- Top at 5458
7- Consolidation between 5298-5332
8 Selling between 5422-5458
9- Positive divergence in MACD
10- 5 Days trading between 5268-5458
Nifty traded between 5268-5458 and technical positions within this range will decide big moves after the break out of this range because Intermediate term trend decider 5340 is within this range.
Top of 5 days range is at 5458,bottom is at 5268 and weekly closing is at 5359 which is in the centre of both these levels. Selling at higher levels and buying at lower levels is clearly visible in 5 days intraday chart therefore Indian markets are not technically prepared for any side break out and more preparation is required in the coming 1/2 sessions for decisive break out.
Expected that Nifty will firstly trade and prepare for next direction between 5298-5458.
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Technical Patterns and Formations in last 5 sessions intraday charts
1-Pennant Formation in 5 days intraday chart.
2- Higher Bottoms formations
3- Lower tops formations
4- Panic bottom at 5268 on 27-02-2012
5- Support at 5298
6- Top at 5458
7- Consolidation between 5298-5332
8 Selling between 5422-5458
9- Positive divergence in MACD
10- 5 Days trading between 5268-5458
Conclusions from 5 days intra day chart analysis
Nifty traded between 5268-5458 and technical positions within this range will decide big moves after the break out of this range because Intermediate term trend decider 5340 is within this range.
Top of 5 days range is at 5458,bottom is at 5268 and weekly closing is at 5359 which is in the centre of both these levels. Selling at higher levels and buying at lower levels is clearly visible in 5 days intraday chart therefore Indian markets are not technically prepared for any side break out and more preparation is required in the coming 1/2 sessions for decisive break out.
Expected that Nifty will firstly trade and prepare for next direction between 5298-5458.