Nifty-Intra Day Chart(26-Sep-2011):-
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EOD Chart(26-Sep-2011):-
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Technical Patterns and Formations in today intraday charts
1- Buying between 4758-4805
2- Selling between 4845-4866
3- Whole day trading between 4758-4866
Conclusions
Global cues and depressing local news led weak market seen yesterday with lower levels buying and higher levels selling. Range bound market between 4720-5229 for the last 34 sessions and Nifty has almost tested its lower level today as well as consolidated also there with trading lowest at 4758.
2G Storm is enhancing and other Union Ministers are also in trouble now. 2G note latest controversy may hamper sentiment and volatile markets may be seen,if situation worsen and create unity problems for UPA then more down moves are possible. Nifty is absorbing all the Global uncertainities and 2G latest controversy between 4720-5229 and lower levels support also seen in last 2 sessions therefore sustaining below 4720 must be watched for fresh down moves confirmations.
Nifty-Intra Day Chart(Sep 22 to Sep 26,2011):-
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Conclusions
Nifty traded in last 2 sessions between 4758-4929 within following same situations:-
1- Global cues led weakness immediately after opening.
2- Firstly lower levels support
3- Higher levels selling in last hours and then down in last half hour..
Highly volatile Global cues and markets may open with huge gaps but sustaining beyond last 2 sessions range(4758-4929) will be next trend decisive confirmation because:-
1- No immediate strong resistance above 4929.
2- No immediate strong support below 4758.
Sentiment may remain strong today morning because US markets closed with good gains therefore strong opening is possible in Indian markets. Next resistance between 4900-4929 and sustaining above 4929 will be next upmove confirmation.
