Nifty-Intra Day Chart(Feb27 to Mar 01,2012):-
Technical Patterns and Formations in last 4 sessions intraday charts
1- Hovering around Intermediate term deciding 5340
2- Support at 5298 in last 4 days
3- Resistance at 5458 in last 4 days
4- selling between 5458-5422 on 29-02-2012
5- Support and consolidation betwen 5298-5332 on 01-03-2012
4- Positive divergence in MACD
Conclusions
5340 broken down in last 4 sessions but could not sustain and recovered also after intraday Support and consolidation betwen 5298-5332 on 01-03-2012 and until Nifty will not sustain below 5298 till then down moves will not be considered.
Correction is on after 1098 Nifty points rally and both lower levels support and higher levels selling seen in last 4 days seen between 5298-5458. As support and Positive divergence seen in Intraday chart today therefore up moves are expected tomorrow and correction completion hopes at 5340 is still alive.
Although premature to say at this moment but last 4 sessions intraday charts have started to show consolidation indications therefore possibilities of rally above 5458 increased after some more consolidations between 5298-5458.
Rally continuation is expected in the coming weeks after on going correction completion.
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1- Hovering around Intermediate term deciding 5340
2- Support at 5298 in last 4 days
3- Resistance at 5458 in last 4 days
4- selling between 5458-5422 on 29-02-2012
5- Support and consolidation betwen 5298-5332 on 01-03-2012
4- Positive divergence in MACD
Conclusions
Intermediate term deciding level is 5340 and its importance is being told daily for the last 5 days. Nifty is hovering it around as well as closed exactly at 5,339.75 today.
Correction is on after 1098 Nifty points rally and both lower levels support and higher levels selling seen in last 4 days seen between 5298-5458. As support and Positive divergence seen in Intraday chart today therefore up moves are expected tomorrow and correction completion hopes at 5340 is still alive.
Although premature to say at this moment but last 4 sessions intraday charts have started to show consolidation indications therefore possibilities of rally above 5458 increased after some more consolidations between 5298-5458.
Rally continuation is expected in the coming weeks after on going correction completion.