Nifty-Micro Analysis of Intra Day Chart For 25-11-2011
Nifty-Intra Day Chart(24-Nov-2011):-
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| Just click on chart for its enlarged view |
Technical Patterns and Formations in today intraday charts
1- Support between 4640-4690
2- Strong recovery.
3- Whole day trading between 4640-4771
4- Last half hour mixed patterns between 4648-4667
Conclusions from intra day chart analysis
Strong rally seen after good consolidation today but it was clearly projected in this Blog and following lines were told at
05:39:00 PM yesterday in the topic of
Confirmation required for 64 sessions range(4720) breaking down
"As intermediate term oscillators are oversold and two bullish Candles formations also yesterday therefore Indian markets are prepared for a strong bounce back"
When all were telling for bearish markets then we told for
strong bounce back and for confirmations again and again sustaining around 4644 was told.
Following lines were also told today at 12:56:00 PM in
Mid-session Outlook(24-11-2011)
1- Consolidation seen between 4640-4670 today after good support between 4644-4678 yesterday.
2- As two sessions support above 4640 therefore until Nifty will not sustain 4640 till then any down move will not be considered
Nifty moved above 4720 after getting strong support at 4640 and again reentered between 64 sessions range. Correction started on 31-10-2011 and during 16 sessions correction good consolidation seen between 4640-4690 in last 2 sessions which resulted today strong up moves.
Pull Back Rally is on and more consolidation is required to cross following levels:-
1- 4648-4667(Last half hour mixed today)
2- 4810-4890(Strong resistance)
Expected that firstly follow up consolidation will be seen in the coming sessions and after that Nifty will counter next resistance range(4810-4890). Pull Back Rally commenced after correction completion today and crossing as well as sustaining above 4890 will be confirmation of strong up moves.
