Nifty-Intra Day Chart(Apr 09 to Apr 11,2012):-
Technical Patterns and Formations in last 3 sessions intraday charts
1- Resistance between 5236-5263
2- Minor support between 5212-5225 on 10-04-2012.
3- Support between 5192-5205 on 11-04-2012.
4- Higher Bottom formation at rising trend line.
5- Huge Volatility on 11-04-2012.
6- Last 3 Days trading between 5191-5288
Firstly click 08-04-2012 posted following topic link of Weekly Outlook of this week and understand Indian markets technicals :-
Bullish 'Flag Pattern' Formation in EOD Chart
Technical positions and formations of on going correction has already been explained in above topic and following lines were also told:-
1- Wave-2 correction is on from 22-02-2012 in falling Channel(Bullish 'Flag Pattern') Formation which got support at 5135.95 on 29-03-2012.
2- Bullish 'Flag Pattern' Formation in EOD Chart therefore finally Dec 2011 like strong rally will be seen after Nifty sustaining above Upper Falling Trend line of Falling Channel as well as sustaining above 5400.
3- Higher levels good selling and lower levels supports within Falling Channel(Flag) therefore expected that Nifty will trade firstly trade between 5136-5377.
Nifty traded most of the time between 5192-5263 with lower levels buying and higher levels selling in last 3 sessions.Huge volatility seen between above mentioned resistance range on 11-04-2012 and technical positions reverses in such volatility therefore weakening of mentioned resistance can not be ruled out
As mixed technical positions in last 3 sessions therefore more preparation is required for sustaining beyond this range and follow up moves within or near about yesterday trading range(5191-5263) will decide the fate and life of on going correction.
Last 2 sessions supports between 5192-5225 and sustaining above 5263 will be strong indication of rally after correction completion but follow up consolidation is also required to cross resistances between 5236-5263.
Expected that finally rally will be seen after 34 sessions correction completion but confirmations are must firstly through sustaining above 5192 and after that Bulls conquering of 5263.
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1- Resistance between 5236-5263
2- Minor support between 5212-5225 on 10-04-2012.
3- Support between 5192-5205 on 11-04-2012.
4- Higher Bottom formation at rising trend line.
5- Huge Volatility on 11-04-2012.
6- Last 3 Days trading between 5191-5288
Conclusions from Last 3 days intra day chart analysis
.Firstly click 08-04-2012 posted following topic link of Weekly Outlook of this week and understand Indian markets technicals :-
Bullish 'Flag Pattern' Formation in EOD Chart
Technical positions and formations of on going correction has already been explained in above topic and following lines were also told:-
1- Wave-2 correction is on from 22-02-2012 in falling Channel(Bullish 'Flag Pattern') Formation which got support at 5135.95 on 29-03-2012.
2- Bullish 'Flag Pattern' Formation in EOD Chart therefore finally Dec 2011 like strong rally will be seen after Nifty sustaining above Upper Falling Trend line of Falling Channel as well as sustaining above 5400.
3- Higher levels good selling and lower levels supports within Falling Channel(Flag) therefore expected that Nifty will trade firstly trade between 5136-5377.
Nifty traded most of the time between 5192-5263 with lower levels buying and higher levels selling in last 3 sessions.Huge volatility seen between above mentioned resistance range on 11-04-2012 and technical positions reverses in such volatility therefore weakening of mentioned resistance can not be ruled out
As mixed technical positions in last 3 sessions therefore more preparation is required for sustaining beyond this range and follow up moves within or near about yesterday trading range(5191-5263) will decide the fate and life of on going correction.
Last 2 sessions supports between 5192-5225 and sustaining above 5263 will be strong indication of rally after correction completion but follow up consolidation is also required to cross resistances between 5236-5263.
Expected that finally rally will be seen after 34 sessions correction completion but confirmations are must firstly through sustaining above 5192 and after that Bulls conquering of 5263.