Technical Analysis,Researches & Market Outlook (24-02-2012)
Nifty-Intra Day Chart(23-Feb-2012):-
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1- Selling between 5545-5517.
2- Down moves in falling channel.
3- Falling channel broken out.
4- Up moves in rising channel.
5- Selling between 5514-5537.
6- Rising channel broken down.
7- Whole day trading between 5461-5538.
Conclusions from intra day chart analysis
Following 2 technical positions have been updated previously in Weekly Outlook(Feb 21 to Feb 24,2012)and now being repeated:-
1- 61.8% Retracement level at 5648
2- Crucial resistance is between 5600-5700
Selling between 5588-5625 in 3 previous sessions(17-02-2012 to 22-02-2012) and its confirmation through sharp fall seen on 22-02-2012. As mentioned selling has been just below 61.8% Retracement level and within mentioned resistance range therefore it has been strenghtened as well as resistance at 61.8% Retracement level has been validated.
Very short term correction is on and intraday selling seen at higher levels today also therefore more down moves possibilities have turned higher and testing of following supports can not be ruled out:-
1- 5428-5461(Gap Support)
2- 5340-5415(Strong support)
Sufficient and strong evidences of correction therefore complete consolidation is required to cross recent resistance(5588-5625) and until Nifty will not sustain above 5625 till then next up move will not be considered. As Nifty has to correct whole 1099 Nifty points rally therefore more down moves possibility can not be ruled out and Support range of 5340-5415 will be next hope for Bulls because it is strong support range.