Technical Analysis and Research For 31-07-2012
Nifty-Intra Day Chart (30-Jul-2012):-
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1- Consolidation between 5149-5159
2- Consolidation between 5171-5184
3- Long White Marubozu Candle formation
4- Whole day trading between 5138-5205
Conclusions from intra day chart analysis
Trend reversal confirmation through forceful break out today after 'ABC' correction completion and getting support at 200-Day SMA/200-Day EMA.
Above line has not been told after strong up moves today but when Indian markets were trading at lower levels between 5149-5159 then following line was told today at 11:15:00 AM in Mid-session Outlook(30-07-2012):-
"As intraday patterns are showing buying signals therefore break out above 5161 possibilities are turning higher now"
Very short term indicators are overbought today and sentiment is heated as well as resistances between 5200-5258 also therefore Indian markets may be range bound in the coming 1/2 sessions but expected that finally on going rally will remain continued after fresh consolidations.
Just click following Topic link for understanding EOD Chart analysis also:-