Nifty-Intra Day Chart(14-Mar-2012):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 5438-5463
2- Whole day trading between 5438-5485
As intraday selling therefore following guidance was given yesterday in Cautious view after intraday selling patterns today
sustaining beyond 5417-5438 will be firstly watched tomorrow for next moves confirmations.
Nifty got support exactly at 5437.80 after slipping from higher levels and whole day sustained above 5438. More than 3 hours good selling was seen between 5422-5458 on 29-02-2012 and Nifty consilidated within this range today between 5438-5463 therefore almost confirmation of this resistance range clearing.
Long and Short term trends were already up and Intermediate term trend(5340) turning up confirmation today therefore rally will remain continued after all trends turning up and high testing possibility of following 2 resistance ranges of Dec 2011 started rally:-
1- 5485-5533
2- 5590-5627
Big events(RBI Credit Policy and Union Budget-2012) in the next 2 sessions therefore high volatility can not be ruled out but until Nifty will not sustain below today lowest(5438) till then any down move will not be considered because good consolidation above it today. Rally is on after completion of correction and crossing resistances therefore complete selling patterns are must minimum on intraday and daily charts for rally termination. As no such signal today therefore:-
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1- Consolidation between 5438-5463
2- Whole day trading between 5438-5485
Conclusions
As intraday selling therefore following guidance was given yesterday in Cautious view after intraday selling patterns today
sustaining beyond 5417-5438 will be firstly watched tomorrow for next moves confirmations.
Nifty got support exactly at 5437.80 after slipping from higher levels and whole day sustained above 5438. More than 3 hours good selling was seen between 5422-5458 on 29-02-2012 and Nifty consilidated within this range today between 5438-5463 therefore almost confirmation of this resistance range clearing.
Long and Short term trends were already up and Intermediate term trend(5340) turning up confirmation today therefore rally will remain continued after all trends turning up and high testing possibility of following 2 resistance ranges of Dec 2011 started rally:-
1- 5485-5533
2- 5590-5627
Big events(RBI Credit Policy and Union Budget-2012) in the next 2 sessions therefore high volatility can not be ruled out but until Nifty will not sustain below today lowest(5438) till then any down move will not be considered because good consolidation above it today. Rally is on after completion of correction and crossing resistances therefore complete selling patterns are must minimum on intraday and daily charts for rally termination. As no such signal today therefore:-
only rally continuation conclusion despite whatsoever RBI Credit Policy and Union Budget-2012.