Nifty-Micro Analysis of Intra Day Chart For 22-02-2012
Nifty-Intra Day Chart(21-Feb-2012):-
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Technical Patterns and Formations in today intraday charts
1- Intraday patterns are showing consolidations formations today.
2- Whole day without force upmoves.
3- Both rising channels broken down.
3- Whole day trading between 5582-5620
Conclusions from intra day chart analysis
Although intraday patterns are showing consolidations formations but without force upmoves and on the back of positive news of Greece bailout Package approval therefore selling possibility can not be ruled out today.
More than 4 Hours selling between 5588-5605 on 17-02-2012 and most of time trading between this range with selling signals today also therefore very short term correction possibility is still alive despite more than .75% positive closing today.
Although slipping below 5582 as well as more down moves possibility can not be ruled out but sustaining beyond 5582-5620 will be firstly watched tomorrow for next moves confirmations.