Technical Analysis and Research For 05-06-2012
Nifty-EOD Chart (04-Jun-2012):-
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1- B1-4788.95 on 18-05-2012
2- B2-4770.35 on 04-06-2012
3- Double Bottom Support
Nifty-Intra Day Chart (04-Jun-2012):-
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1- Good consolidations and support between 4771-4797
2- Last 3 hours up moves with consolidations.
3- Whole day trading between 4771-4858
Conclusions (After Putting All Studies Together)
Firstly double bottom supports and after that more than 3 hours good consolidation are certainly positive for Bulls as well as generated rays of Pull Back Rally hopes. Market require sufficient selling patterns for breaking down yesterday built supports and until that will not happen till then next down moves will not be considered. As up moves begun yesterday therefore firstly next resistances should be watched:-
Next resistances are as follows;-
1- 4890-4920
2- 4960-4982
3- 5002-5020
Next supports of this rally are as follows:-
1- 4771-4797(Double Bottom supports within this range)
2- 4635-4663
3- 4602-4624
4- 4560-4590
Fibonacci Retracement Levels of previous rally(4531-5629) are as follows:-
13.0%- 5486(Tested)
23.6%- 5369(Tested)
27.0%- 5332(Tested)
38.2%- 5209(Tested)
50.0%- 5080(Tested)
61.8%- 4950(Tested)
70.7%- 4852(Tested)
76.4%- 4790(Double Bottom support just below)
78.6%- 4765(Double Bottom support just above)
88.6%- 4656
Although multiple resistances at higher levels and continuous consolidations are required for up moves but good intra day supports and consolidations yesterday therefore up moves continuations are expected in the coming sessions.