Nifty-Micro Analysis of Intra Day Chart For 04-05-2012
Nifty-Intra Day Chart (03-May-2012):-
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1- Selling between 5205-5215
2- Down moves after selling.
3- Whole day trading between 5181-5215.
Conclusions from intra day chart analysis
As soon as selling developed then it was updated in all the 3 Mid-session Outlooks. When Nifty was trading at the top of the day then also doubt with reason was raised on up moves in Mid-session Outlook-3 and emphasised the requirement of confirmations in following lines:-
higher levels selling also seen today therefore sustaining above 5215 will be up moves confirmations and will be firstly watched because last half hour up moves are on the back of strong cues from European markets.
Correction is on and down moves today after good selling at higher levels. More slipping to test following supports will be seen in the coming sessions:-
1- Support between 5165-5192
2- Support between 5136-5155