Nifty-Micro Analysis of Intra Day Chart For 29-12-2011
Nifty-Intra Day Chart(28-Dec-2011):-
Technical Patterns and Formations in today intraday charts
1- Support between 4686-4707
2- First 5 hours falling channel pattern and after that its upward break out.
3- Selling patterns between 4715-4724
4- Most time trading between 4686-4724
Conclusions from intra day chart analysis
Weaker Global cues led whole day negative zone trading with lower levels support and higher levels selling patterns. As first 5 hours falling channel pattern and after that its upward break out also as well as lack of much selling at higher levels therefore it is being felt that today down moves were due to negative Asian cues and without genuine selling patterns.
All trends are down and correction of previous week begun rally is continued in this week as well as last 2 sessions intraday patterns are not suggesting genuine selling therefore no confirmation of rally termination.
Next support is at 4700 and Nifty hovered around it today with mixed intraday patterns between 4686-4724. Expected that Ninty will firstly trade betweeen 4686-4724 and Sustaining beyond above mentioned range will decide the fate of previous week begun rally therefore will be watched first of all tomorrow.
Expected that Nifty will finally sustain above 4724 and pull back rally will remain continued after completion of very short term correction.
Nifty-Intra Day Chart(28-Dec-2011):-
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1- Support between 4686-4707
2- First 5 hours falling channel pattern and after that its upward break out.
3- Selling patterns between 4715-4724
4- Most time trading between 4686-4724
Conclusions from intra day chart analysis
Weaker Global cues led whole day negative zone trading with lower levels support and higher levels selling patterns. As first 5 hours falling channel pattern and after that its upward break out also as well as lack of much selling at higher levels therefore it is being felt that today down moves were due to negative Asian cues and without genuine selling patterns.
All trends are down and correction of previous week begun rally is continued in this week as well as last 2 sessions intraday patterns are not suggesting genuine selling therefore no confirmation of rally termination.
Next support is at 4700 and Nifty hovered around it today with mixed intraday patterns between 4686-4724. Expected that Ninty will firstly trade betweeen 4686-4724 and Sustaining beyond above mentioned range will decide the fate of previous week begun rally therefore will be watched first of all tomorrow.
Expected that Nifty will finally sustain above 4724 and pull back rally will remain continued after completion of very short term correction.