Nifty-Intra Day Chart(Apr 16 to Apr 20,2012):-
Technical Patterns and Formations in last 5 sessions intraday charts
1- Support between 5192-5225 on 10-04-2012 and 11-04-2012
2- Selling between 5275-5305 on 13-04-2012
3- Sharp fall after negative news from Europe on 13-04-2012.
4- Panic bottom formation after sharp fall on 13-04-2012.
5- Mixed Patterns between 5200-5236 on 13-04-2012.
6- Weekly highest and lowest formation on 13-04-2012
Good consolidation in the middle of week and new weetly top formation even after poor performance by INFY on 13-04-2012. Firstly intraday selling developed between 5275-5305 and after down moves started after weak opening in European markets. As soon as negative news started to come from Europe then simultaneous sharp fall seen in Indian and European markets.
As last more than 1 hour trading with mixed patterns between 5200-5236 after panic bottom formation in sharp fall on 13-04-2012 therefore firstly sustaining beyond mixed Patterns range(5200-5236) will be firstly watched in the beginning of next week.
Strong resistances avove 5375 and next supports are between 5192-5225 and finally down moves first indication will be after sustaining below 5192 and confirmation will be after sustaining below 5136.
Market is capped between supports and resistances therefore firstly sideways moves are expected in the beginning of next week.
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1- Support between 5192-5225 on 10-04-2012 and 11-04-2012
2- Selling between 5275-5305 on 13-04-2012
3- Sharp fall after negative news from Europe on 13-04-2012.
4- Panic bottom formation after sharp fall on 13-04-2012.
5- Mixed Patterns between 5200-5236 on 13-04-2012.
6- Weekly highest and lowest formation on 13-04-2012
Conclusions from 5 days intra day chart analysis
Good consolidation in the middle of week and new weetly top formation even after poor performance by INFY on 13-04-2012. Firstly intraday selling developed between 5275-5305 and after down moves started after weak opening in European markets. As soon as negative news started to come from Europe then simultaneous sharp fall seen in Indian and European markets.
As last more than 1 hour trading with mixed patterns between 5200-5236 after panic bottom formation in sharp fall on 13-04-2012 therefore firstly sustaining beyond mixed Patterns range(5200-5236) will be firstly watched in the beginning of next week.
Strong resistances avove 5375 and next supports are between 5192-5225 and finally down moves first indication will be after sustaining below 5192 and confirmation will be after sustaining below 5136.
Market is capped between supports and resistances therefore firstly sideways moves are expected in the beginning of next week.