Nifty-Intra Day Chart(28-Feb-2012):-
Technical Patterns and Formations in today intraday charts
1- Most of the time trading above 5340(Intermediate term trend decider)
2- More than 5 hours trading with Mixed Patterns between 5346-5390
3- Whole day trading between 5308-5390
It was expected that Nifty will not slip below 5340 and complete correction within strong support range 5340-5415 and side ways market will be seen but range shifted to 5268-5410 after negative flow on 29-02-2012. As yesterday down down move was due to negative news therefore equally sharp recovery seen today after positive news.
Correction is on and undecided Nifty is hovering around Intermediate term trend decider 5340,sustaining it beyond will give confirmation to correction continuation/completion. Nifty traded almost whole day above 5340 with intraday mixed patterns between 5346-5390.
Adverse news led 2 volatile sessions with more than 5 hours mixed intraday patterns are suggesting that Indian markets are not prepare for any side decisive moves and will trade more time between or near about 5346-5390 for catching next direction.
As good consolidation patterns at lower levels today therefore expected that follow up consolidation will be seen in the coming sessions and Nifty will finally sustain above 5340 after correction completion confirmation.
Sustaining beyond 5346-5390 will firstly decide the fate of on going correction therefore should be firstly watched in the coming sessions for next moves confirmations.
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1- Most of the time trading above 5340(Intermediate term trend decider)
2- More than 5 hours trading with Mixed Patterns between 5346-5390
3- Whole day trading between 5308-5390
Conclusions from intra day chart analysis
It was expected that Nifty will not slip below 5340 and complete correction within strong support range 5340-5415 and side ways market will be seen but range shifted to 5268-5410 after negative flow on 29-02-2012. As yesterday down down move was due to negative news therefore equally sharp recovery seen today after positive news.
Correction is on and undecided Nifty is hovering around Intermediate term trend decider 5340,sustaining it beyond will give confirmation to correction continuation/completion. Nifty traded almost whole day above 5340 with intraday mixed patterns between 5346-5390.
Adverse news led 2 volatile sessions with more than 5 hours mixed intraday patterns are suggesting that Indian markets are not prepare for any side decisive moves and will trade more time between or near about 5346-5390 for catching next direction.
As good consolidation patterns at lower levels today therefore expected that follow up consolidation will be seen in the coming sessions and Nifty will finally sustain above 5340 after correction completion confirmation.
Sustaining beyond 5346-5390 will firstly decide the fate of on going correction therefore should be firstly watched in the coming sessions for next moves confirmations.