Nifty-Intra Day Chart (23-May-2012):-
Technical Patterns and Formations in today intraday charts
1- Support between 4807-4825
2- Selling between 4838-4853
3- Whole day trading between 4807-4853
Intraday patterns of today are showing lower levels supports and higher levels selling with Bullish Hammer Candle today therefore technically more preparation is required for sustaining beyond today trading range.
As huge down moves in previous sessions and Short term Indicators are oversold in all the Global markets therefore corrective Up moves may also be seen in Global markets and firstly Asian markets opening and trading(positive or negative) should be seen tomorrow morning despite whatsoever negative closing of US markets today.
Most depressing sentiment today after Crashing Indian Rupee and Global markets as well as Petroleum rates hike also today therefore Weak opening will be seen tomorrow morning. Although all trends are down and Indian markets are in most Bearish phase but Indicators are oversold therefore Bounce Back,Minor Pull Back Rally and volatility may be seen after weak opening tomorrow.
Indian markets are in deep Bearish mode and decisive up moves will be seen only after completion consolidations and suatining above crucial resistances. Ler it happen then rally will be considered otherwise only intraday up moves will be seen accoring to markets sentiments,Global cues and intraday news flow.
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1- Support between 4807-4825
2- Selling between 4838-4853
3- Whole day trading between 4807-4853
Conclusions from intra day chart analysis
Intraday patterns of today are showing lower levels supports and higher levels selling with Bullish Hammer Candle today therefore technically more preparation is required for sustaining beyond today trading range.
As huge down moves in previous sessions and Short term Indicators are oversold in all the Global markets therefore corrective Up moves may also be seen in Global markets and firstly Asian markets opening and trading(positive or negative) should be seen tomorrow morning despite whatsoever negative closing of US markets today.
Most depressing sentiment today after Crashing Indian Rupee and Global markets as well as Petroleum rates hike also today therefore Weak opening will be seen tomorrow morning. Although all trends are down and Indian markets are in most Bearish phase but Indicators are oversold therefore Bounce Back,Minor Pull Back Rally and volatility may be seen after weak opening tomorrow.
Indian markets are in deep Bearish mode and decisive up moves will be seen only after completion consolidations and suatining above crucial resistances. Ler it happen then rally will be considered otherwise only intraday up moves will be seen accoring to markets sentiments,Global cues and intraday news flow.