Nifty-Micro Analysis of Intra Day Chart For 27-04-2012
Nifty-Intra Day Chart (26-Apr-2012):-
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1- Consolidation between 5180-5197
2- Whole day sideways trading with intraday consolidation patterns
3- Whole day trading between 5180-5210
Conclusions from intra day chart analysis
Although market closed near the lower levels and Black Candle formation today but intraday patterns are showing consolidation formations therefore correction completion process beginning will be considered now. Follow up buying and base formations after more consolidations are required in the coming sessions and sustaining above following resistances will be rally commencement confirmation.
1- 5208-5236
2- 5288-5310
As more consolidation is also required now therefore slipping possibility below 5180 can not be ruled out during consolidation process and following most crucial supports should be kept in mind:-
1- 5136(Next botom).
2- 5130(200-Day SMA of today)
3- 5080(50% retracement level of previous rally)
Let consolidation process complete or more Bullish indications emerge then up moves and rally will be strongly projected. Expected that finally Nifty will not sustain below 5130 and will not slip below 5080
All possibilities have been discussed above but Whole day consolidation patterns between 5180-5197 today and sustaining it beyond will be firstly watched tomorrow with expectations of up moves and rally.