Nifty-Intra Day Chart (17-May-2012):-
Technical Patterns and Formations in today intraday charts
1- Selling between 4904-4922
2- Down moves in Falling Channel.
3- Double Bottom support at the lowest level.
4- Whole day trading between 4852-4922.
When Indian markets were trading near the highs of the day and selling started to develop yesterday then it was immediately updated with next moves confirmation levels in Mid-session Outlook and following lines were told:-
1- minor selling formations also seen at higher levels today.
2- next moves confirmations is through sustaining above 4895/4882.
Firstly selling between 4904-4922 and after that down moves in Falling Channel(Bullish pattern) with intraday Double Bottom support at the lowest level of the day(4852) yesterday.
Although Double Bottom supports at lower levels were seen yesterday but most Asian markets are more than 2% down after 1.25% to 2% fall in all the US and European markets yesterday. Sentiment is highly depressed therefore negative zone trading and closing is expected after gap down opening today.
Following supports of previous rally are only hopes for Bulls:-
1- 4810-4825
2- 4635-4663
3- 4602-4624
4- 4560-4590
All trends are down and only Bounce Back or Pull Back Rally will be considered after support getting confirmations. Decisive up moves will be possible only after complete consolidations.
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1- Selling between 4904-4922
2- Down moves in Falling Channel.
3- Double Bottom support at the lowest level.
4- Whole day trading between 4852-4922.
Conclusions from intra day chart analysis
When Indian markets were trading near the highs of the day and selling started to develop yesterday then it was immediately updated with next moves confirmation levels in Mid-session Outlook and following lines were told:-
1- minor selling formations also seen at higher levels today.
2- next moves confirmations is through sustaining above 4895/4882.
Firstly selling between 4904-4922 and after that down moves in Falling Channel(Bullish pattern) with intraday Double Bottom support at the lowest level of the day(4852) yesterday.
Pre-open Outlook(18-05-2012)
Although Double Bottom supports at lower levels were seen yesterday but most Asian markets are more than 2% down after 1.25% to 2% fall in all the US and European markets yesterday. Sentiment is highly depressed therefore negative zone trading and closing is expected after gap down opening today.
Following supports of previous rally are only hopes for Bulls:-
1- 4810-4825
2- 4635-4663
3- 4602-4624
4- 4560-4590
All trends are down and only Bounce Back or Pull Back Rally will be considered after support getting confirmations. Decisive up moves will be possible only after complete consolidations.