Nifty-EOD Chart (19-Apr-2012):-
Technical Patterns and Formations in EOD charts
1- Break out of corrective falling Trend line and closing above it today.
Nifty-Intra Day Chart (19-Apr-2012):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 5292-5310
2- Follow up consolidation and higher bottom support between 5312-5322
3- Mixed Patterns between 5325-5338
4- Whole day trading between 5292-5310
Following technical analysis are strong indications of Bullish market beginning:-
1- Break out of corrective falling Trend line and closing above it today.
2- Consolidation between 5292-5310 today is confirmations of 1st resistance(5275-5305) break out.
3- More strength through follow up consolidation and higher bottom support between 5312-5322
Technically Indian markets are well prepared for strong rally but mixed Patterns between 5325-5338 therefore some more consolidations are required to sustain above yesterday resistance(5330-5341) and fresh Bullish rally beginning confirmations are also must through sustaining above corrective falling Trend line.
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| Just click on chart for its enlarged view |
Technical Patterns and Formations in EOD charts
1- Break out of corrective falling Trend line and closing above it today.
 |
| Just click on chart for its enlarged view |
1- Consolidation between 5292-5310
2- Follow up consolidation and higher bottom support between 5312-5322
3- Mixed Patterns between 5325-5338
4- Whole day trading between 5292-5310
Conclusions (After Putting All Studies Together)
Following technical analysis are strong indications of Bullish market beginning:-
1- Break out of corrective falling Trend line and closing above it today.
2- Consolidation between 5292-5310 today is confirmations of 1st resistance(5275-5305) break out.
3- More strength through follow up consolidation and higher bottom support between 5312-5322
Technically Indian markets are well prepared for strong rally but mixed Patterns between 5325-5338 therefore some more consolidations are required to sustain above yesterday resistance(5330-5341) and fresh Bullish rally beginning confirmations are also must through sustaining above corrective falling Trend line.
Only sustaining beyond 5341 should be watched tomorrow because it will also decide the validity of corrective falling Trend line break out.