Nifty-Intra Day Chart(Feb 28 and Feb 29,2012):-
Technical Patterns and Formations in last 2 sessions intraday charts
1- More than 5 hours trading between 5346-5390 on 28-02-2012
2- More than 2 hours trading between 5346-5390 on 29-02-2012
3- More than 3 hours good selling between 5458-5422 on 29-02-2012
4- Minor support between 5357-5372 on 29-02-2012
5- Technical position of 28-02-2012 has been updated in Firstly Watch Correction fate decider 5346-5390 on 28-02-2012
Correction of 1098 Nifty Points rally is on and Short term trend is confirm down. Intermediate term trend is at stake and sustaining beyond 5340 will decide its fate.
Nifty traded more than 7 hours between 5346-5390 in last 2 sessions with mixed intraday patterns and sustaining below 5346 will mean intermediate term trend turning down and sharp down moves will be seen to test next support ranges. Sustaining above 5390 will mean rally continuation after correction completion.
More than 3 hours good selling between 5458-5422 and lower level minor support on 29-02-2012 therefore market require more consolidation to cross 5458. As good selling therefore correction continuation risk turned higher and until Nifty will not sustain above 5458 till then next up move will not be considered.
More than 7 hours trading between 5346-5390 in 2 previous sessions with buying at lower levels and selling at higher levels within and above this range therefore expected that Nifty will firstly trade between this range and sustaining below this range will give deeper correction confirmation after sustaining below 5346 and correction completion first indication above 5390 and confirmation will be above 5458.
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1- More than 5 hours trading between 5346-5390 on 28-02-2012
2- More than 2 hours trading between 5346-5390 on 29-02-2012
3- More than 3 hours good selling between 5458-5422 on 29-02-2012
4- Minor support between 5357-5372 on 29-02-2012
5- Technical position of 28-02-2012 has been updated in Firstly Watch Correction fate decider 5346-5390 on 28-02-2012
Conclusions
Correction of 1098 Nifty Points rally is on and Short term trend is confirm down. Intermediate term trend is at stake and sustaining beyond 5340 will decide its fate.
Nifty traded more than 7 hours between 5346-5390 in last 2 sessions with mixed intraday patterns and sustaining below 5346 will mean intermediate term trend turning down and sharp down moves will be seen to test next support ranges. Sustaining above 5390 will mean rally continuation after correction completion.
More than 3 hours good selling between 5458-5422 and lower level minor support on 29-02-2012 therefore market require more consolidation to cross 5458. As good selling therefore correction continuation risk turned higher and until Nifty will not sustain above 5458 till then next up move will not be considered.
More than 7 hours trading between 5346-5390 in 2 previous sessions with buying at lower levels and selling at higher levels within and above this range therefore expected that Nifty will firstly trade between this range and sustaining below this range will give deeper correction confirmation after sustaining below 5346 and correction completion first indication above 5390 and confirmation will be above 5458.