Nifty-Intra Day Chart (17-Apr-2012):-
Technical Patterns and Formations in today intraday charts
1- Consolidation and support between 5210-5255
2- Volatility after Credit Policy
3- Whole day trading between 5210-5296
Consolidation and support between 5210-5255 within that huge volatility today which was the result of two adverse news. Good news of .50% Repo rate cut and negative news of Congress defeat in Delhi MCD Elections generated huge volatility today.
Strong support range of 5175-5236 had been updated more than 20 times in last one month,Nifty tested and traded within this range in last 6 days but did not slipped below 5175 and sharply surged today. As again support confirmation between 5175-5236 in last 6 sessions therefore this support range has strengthened and now high possibility of rally.
Range bound bound market between 5175-5305 was projected yesterday in following topic:-
Market capped between 5175-5305
Nifty traded whole day between 5208.35-5298.20 today. As lower levels support within 5175-5236 and higher levels resistance between 5275-5305 therefore above topic was posted. Nifty tested higher levels Resistance after getting lower levels support. Following 5 resistances were updated on 14-04-2012 in Crucial Supports and Resistances of 36 sessions Correction:-
5- 5588-5625
4- 5418-5487
3- 5357-5377
2- 5318-5337
1- 5275-5305
As good support and strong moves today therefore rally is expected after correction completion but technically rally beginning confirmations are must through sustaining above minimum above 1st Resistance and that is at 5305.
Above upmoves are not being projected after watching more than 1.30% positive moves in US markets but almost following same views were updated at 01:25:00 PM today in Mid-session Outlook-2(17-04-2012):-
"Firstly lower levels support before Credit Policy today and after that again higher bottom formation and support therefore first signal of upmoves but sustaining above 5265 should also be watched for strong indication"
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1- Consolidation and support between 5210-5255
2- Volatility after Credit Policy
3- Whole day trading between 5210-5296
Conclusions from intra day chart analysis
Consolidation and support between 5210-5255 within that huge volatility today which was the result of two adverse news. Good news of .50% Repo rate cut and negative news of Congress defeat in Delhi MCD Elections generated huge volatility today.
Strong support range of 5175-5236 had been updated more than 20 times in last one month,Nifty tested and traded within this range in last 6 days but did not slipped below 5175 and sharply surged today. As again support confirmation between 5175-5236 in last 6 sessions therefore this support range has strengthened and now high possibility of rally.
Range bound bound market between 5175-5305 was projected yesterday in following topic:-
Market capped between 5175-5305
Nifty traded whole day between 5208.35-5298.20 today. As lower levels support within 5175-5236 and higher levels resistance between 5275-5305 therefore above topic was posted. Nifty tested higher levels Resistance after getting lower levels support. Following 5 resistances were updated on 14-04-2012 in Crucial Supports and Resistances of 36 sessions Correction:-
5- 5588-5625
4- 5418-5487
3- 5357-5377
2- 5318-5337
1- 5275-5305
As good support and strong moves today therefore rally is expected after correction completion but technically rally beginning confirmations are must through sustaining above minimum above 1st Resistance and that is at 5305.
Above upmoves are not being projected after watching more than 1.30% positive moves in US markets but almost following same views were updated at 01:25:00 PM today in Mid-session Outlook-2(17-04-2012):-
"Firstly lower levels support before Credit Policy today and after that again higher bottom formation and support therefore first signal of upmoves but sustaining above 5265 should also be watched for strong indication"