Technical Analysis and Market Outlook(19-10-2012)
Nifty-Intra Day Chart (18-Oct-2012):-
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1- Consolidation between 5650-5668
2- Consolidation patterns between 5685-5710
3- Whole day acual trading between 5650-5721
Conclusions from intra day chart analysis
Strong up moves after lower levels good consolidation and last more than 3 hours trading between 5685-5710 with intraday consolidation patterns. As consolidation patterns seen within next strong resistance range(5700-5733) also therefore last 19 sessions sideways market range(5639-5733) upward break out possibility increased today,subject to the condition of follow up consolidations in the coming sessions.
Indian markets are on the verge of strong rally after 19 sessions trading range(5639-5733) upward break out but confirmation is must through forceful surge or sustaining above 5733/5756.