Nifty-Intra Day Chart(26-Sep-2011):-
Technical Patterns and Formations in today intraday charts
1-Selling between 4827-4871
2-Down moves started after opening of European markets at 12:30 PM
3-Selling between 4783-4814
4- Whole day trading between 5724-4871
Conclusions
4843 was crucial support and its breaking down today mean termination of last hope of Pull Back Rally survival below 4798. As Nifty broke this support by force therefore it is confirmation of more down moves. Indian markets are completely weak and Bearish phase is so high that Pull Back Rally failed within 5 sessions.
Next supports and retrcelent levels will be updated in the coming topics and those levels will be Pull Back Rally or Bounce Back expectation.
When market was preparing for Pull Back rally termination near 4800 then it was updated in Mid-session Outlook today and following lines were told:-
As intraday selling also seen at higher levels today therefore slipping and sustaining below 4800 possibility is high now.
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1-Selling between 4827-4871
2-Down moves started after opening of European markets at 12:30 PM
3-Selling between 4783-4814
4- Whole day trading between 5724-4871
Conclusions
4843 was crucial support and its breaking down today mean termination of last hope of Pull Back Rally survival below 4798. As Nifty broke this support by force therefore it is confirmation of more down moves. Indian markets are completely weak and Bearish phase is so high that Pull Back Rally failed within 5 sessions.
Next supports and retrcelent levels will be updated in the coming topics and those levels will be Pull Back Rally or Bounce Back expectation.
When market was preparing for Pull Back rally termination near 4800 then it was updated in Mid-session Outlook today and following lines were told:-
As intraday selling also seen at higher levels today therefore slipping and sustaining below 4800 possibility is high now.