Nifty-Intra Day Chart (Dec 05 to Dec 11,2012):-
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Technical Patterns and Formations in last 5 Sessions intraday charts
1- Support between 5839-5860 on 06-12-2012
2- Positive news(FDI Bill passing in Parliament) led good selling between 5930-5946 on 07-12-2012
3- Mixed Patterns between 5940-5964 on 11-12-2012
4- Support between 5867-5877 on 11-12-2012
5- High volatility on 11-12-2012
Conclusions from 5 Sessions intra day chart analysis
As good selling also between 5930-5946 on 07-12-2012 after getting Support between 5839-5860 on 06-12-2012 therefore slipping and support getting possibility at or near about next support range(5839-5860) was clearly projected with following lines in
Pre-Closing Outlook on 10-12-2012:-
"minor slipping possibility is alive and support getting possibility is at or near about next support range(5839-5860)"
Whatsoever was projected one day before same happened next day on 11-12-2012 and Indian markets slipped as well as got support also at
5867 which is just above mentioned support range
(5839-5860).
Nifty-Intra Day Chart (11-Dec-2012):-
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| Just click on chart for its enlarged view |
Technical Patterns and Formations in today intraday charts
1- Mixed Patterns between 5940-5964
2- Support between 5867-5877
3- High volatility
3- Whole day actual trading between 5867-5964
Conclusions from intra day chart analysis
Firstly sharp recovery immediately after opening and after that negative news from Parliament led down moves but supports at lower levels and some recovery also in last half hour. Only volatily without much technical positions formations yesterday.
Conclusions (After Putting All Studies Together)
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Development of good supports at lower levels and also clear resistances at higher levels in last 5 sessions with high volatility yesterday. As technical positions reverses during yesterday like news based volatility therefore Indian markets are not fully prepared for any side decisive moves and follow up moves with fresh technical positions are required for next immediare direction.
All trends are up and confirmation of impulsive Wave-5 therefore finally Rally continuation above 5964 is expected after ongoing sideways correction completion. As sideways correction is on and market is not prepared for any side direction therefore firstly next moves preparation through sideways trading will be seen in the coming sessions between last 5 sessions trading range(5839-5964).
