Nifty-Micro Analysis of Intra Day Chart For 14-02-2012
Nifty-Intra Day Chart(13-Feb-2012):-
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Technical Patterns and Formations in today intraday charts
1- Selling between 5372-5392
2- Support between5351-5372
3- 3 Hours up moves in Rising Channel
4- Selling between 5400-5415
5- Rising Channel broken down in last half hour.
6- Whole day trading between 5351-5415
Conclusions from intra day chart analysis
Following lines were told on 06-02-2012 in Weekly Outlook(Feb 06 to Feb 10,2012)
Bullish rally is very much continued and let it stop,divergence develop in indicators and distribution patterns form on EOD charts also then short term correction will be considered.
Our above projection immediately proved 100% accurate in next week(previous week) Rally is stopped and sideways for the last 6 sessions between 5323-5427 as well as divergence are also clearly visible in indicators.Detailed analysis have already been updated in Long term Trend Up but Short Term Correction Due on 11-02-2012
6 sessions between 5323-5427 and Indian markets are preparing for next next decisive big moves and range break out implications are as follows:-
1- Bullish markets complete correction within sideways moves therefore further fast rally after very short term correction completion possibility within 5323-5427 also can not be ruled out.
2- Breaking down after clear intraday selling patterns between 5323-5427 will mean deeper correction to test next supports 5250/5100.
Although market moved up after lower levels suppport on 13-02-2012 but lacking force and in Rising Channel which was broken down also in last hour therefore next up moves confirmation is required through sustaining above 5427.
6 Sesions sideways markets with 2 Doji candle in previous sessions are suggesting next big moves after 5323-5427 break out therefore just watch sustaining beyond for next minimum 5% fast Moves.