Nifty-Intra Day Chart(28-Mar-2012):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5215-5236
2- Down moves in Falling Channels
3- Whole day trading between 51670-5236
Although whole day negative zone trading today and higher levels selling also but intraday patterns are showing consolidation formations. As consolidations and base formations were seen in both previous sessions also therefore rally continuation is expected after correction completion near about or above 200-Day SMA(today at 5151).
US markets are more than .75% down at this moment therefore initial weakness is possible tomorrow morning and Nifty may slip below previous strong support(5172) also but finally rally is expected because last 3 sessions intraday consolidations patterns.
Only sustaining beyond Long term trend decider 200-Day SMA(today at 5151) should be firstly watched tomorrow and expected that it will prove Long Term Trend Saviour.
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1- Selling between 5215-5236
2- Down moves in Falling Channels
3- Whole day trading between 51670-5236
Conclusions from intra day chart analysis
Although whole day negative zone trading today and higher levels selling also but intraday patterns are showing consolidation formations. As consolidations and base formations were seen in both previous sessions also therefore rally continuation is expected after correction completion near about or above 200-Day SMA(today at 5151).
US markets are more than .75% down at this moment therefore initial weakness is possible tomorrow morning and Nifty may slip below previous strong support(5172) also but finally rally is expected because last 3 sessions intraday consolidations patterns.
Only sustaining beyond Long term trend decider 200-Day SMA(today at 5151) should be firstly watched tomorrow and expected that it will prove Long Term Trend Saviour.