Technical Analysis and Research For
13-03-2012
Nifty-Intra Day Chart(12-Mar-2012):-13-03-2012
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1- Selling between 5366-5376
2- Buying between 5334-5350
3- Down moves in falling channel therefore consolidation indications
3- Whole day trading between 5328-5376
Conclusions from intra day chart analysis
Higher levels good selling on the back of positive news of CRR cut and above expectations IIP data and firstly down moves despite such good moves. Lower levels buying also seen therefore more preparations is required through follow up buying/selling for decisive moves beyond today trading range.
Although mixed trading positions but intraday patterns are showing consolidation formations therefore finally upward break out of today trading range is expected in the coming sessions.
Indian markets may be volatile because Petroleum rates hike news,RBI Credit Policy and advance tax numbers are due before Union Budget on 16-03-2012 and market will react on all these news as well as may hover near about today trading range.
Nifty-EOD Chart(12-Mar-2012):-
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Conclusions from EOD chart analysis
Long and Short term trends are up. Intermediate term trend is sideways and Nifty is moving around its decider 5340 for the last 11 sessions. Nifty traded most time between 5280-5390 in last 11 sessions and expected that Nifty will discount all the positive and negative news and trade within this range before Budget as well as this range will be broken out after the Budget.
Expected that Indian markets will consolidate in the coming 3 sessions before Budget and finally upward break out after the announcement of Budget because impulsive Wave-3 is on after completion of Wave-2 correction.