We were expecting that market will move up after Budget and Nifty moved up also 40 points after the beginning Budget speech but Budget completely failed to show induatrial growth road map and Reform Agenda thrown into cold storage and therefore selling developed during Budget hours. As soon selling developed then We immediately updated about selling and cautioned at 12:29 PM in Mid-session Outlook when Budget Speech was going on and Nifty was trading at 5400.45:-
As selling seen today therefore view turned cautious despite whole day positive market today and equally fresh consolidation is firstly required within yesterday range for moves above 5444.
Nifty Intraday Chart from "nseindia.com"(at 12:29PM on 16-Mar-2012):-
It is clear from the above chart that when Nifty was trading at 5400.45 then we clearly told for selling and cautioned also at 12:29PM on 16-Mar-2012
Nifty-Intra Day Chart(16-Mar-2012):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5395-5444
2- Selling between 5405-5430
3- Sharp fall after selling.
Highly volatile market on news flooding Budget day and technical positions reverses also in such markets but intraday charts showed clear selling formations therefore we told for selling in all the 3 Outlooks.
Nifty slipped and closed below Intermediate term trend decider 5340 and sustaining below it will Intermediate term trend turning down as well as more down moves. As higher levels good selling therefore more down moves are possible and finally sustaining below 5340 will mean testing possibility of next support range(5172-5200)
As selling seen today therefore view turned cautious despite whole day positive market today and equally fresh consolidation is firstly required within yesterday range for moves above 5444.
Nifty Intraday Chart from "nseindia.com"(at 12:29PM on 16-Mar-2012):-
It is clear from the above chart that when Nifty was trading at 5400.45 then we clearly told for selling and cautioned also at 12:29PM on 16-Mar-2012
Nifty-Intra Day Chart(16-Mar-2012):-
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| Just click on chart for its enlarged view |
1- Selling between 5395-5444
2- Selling between 5405-5430
3- Sharp fall after selling.
Conclusions from intra day chart analysis
Highly volatile market on news flooding Budget day and technical positions reverses also in such markets but intraday charts showed clear selling formations therefore we told for selling in all the 3 Outlooks.
Nifty slipped and closed below Intermediate term trend decider 5340 and sustaining below it will Intermediate term trend turning down as well as more down moves. As higher levels good selling therefore more down moves are possible and finally sustaining below 5340 will mean testing possibility of next support range(5172-5200)