Nifty-Intra Day Chart (21-Aug-2012):-
Technical Patterns and Formations in today intraday charts
1- More than 5 hours consolidation between 5380-5397
2- Forceful break out in last hour.
3- Whole day trading between 5380-5425.
Conclusions from intra day chart analysis
Forceful break out after more than 5 hours consolidation as well as closing above 5400 are confirmation of on going rally continuation.
Pre-open Outlook(22-08-2012)
As US markets closed negative yesterday and its Futures are also down(Dow's Futures is 42 points down) today morning therefore sentiment is weak as well as most of the Asian markets are also trading in Red.
Negative zone trading will be seen in Indian markets after Weak opening but finally rally will remain continued in the coming sessions. Although US markets closed in Red yesterday but most of the Indian ADRs closed positive therefore expected that Indian markets will not be much affected by US markets led today weakness.
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1- More than 5 hours consolidation between 5380-5397
2- Forceful break out in last hour.
3- Whole day trading between 5380-5425.
Conclusions from intra day chart analysis
Forceful break out after more than 5 hours consolidation as well as closing above 5400 are confirmation of on going rally continuation.
Pre-open Outlook(22-08-2012)
As US markets closed negative yesterday and its Futures are also down(Dow's Futures is 42 points down) today morning therefore sentiment is weak as well as most of the Asian markets are also trading in Red.
Negative zone trading will be seen in Indian markets after Weak opening but finally rally will remain continued in the coming sessions. Although US markets closed in Red yesterday but most of the Indian ADRs closed positive therefore expected that Indian markets will not be much affected by US markets led today weakness.