Nifty-Intra Day Chart (18-Apr-2012):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5330-5341
2- Last 2 hours down moves in falling channel.
3- Whole day trading between 5294-5342
Although US markets were blasting yesterday but Following precautionary line was clearly posted yesterday in Rally after sustaining above 5305:-
"technically rally beginning confirmations are must through sustaining above minimum above 1st Resistance and that is at 5305"
Firstly we cautioned yesterday through above line and again told today for intraday higher levels selling in both the Mid-session Outlooks. Higher levels selling confirmations was also updated well before the beginning of down moves at 01:03:00 PM.
Confirm selling at higher levels today but last 2 hours down moves in falling channel therefore sustaining below today lowest will be first down moves indication and sustaining below 5275(lower level of 1st Resistance 5275-5305) will be more and sharp down moves confirmations.
As firstly next moves confirmations will be through sustaining beyond immediate supports and resistances therefore these are as follows:-
1- First support 5210-5255
2- First resistance 5275-5305
3- Second resistance 5330-5341
Shooting Star/Gravestone Doji Bearish Candle formation today with genuine selling at higher levels but whole day intraday patterns are showing consolidation indications as well as lower levels supports also therefore firstly trading between 5210-5341 in all types of sentiments tomorrow and next moves preparation within this range through follow up buying/selling.
Confirmations will be after sustaining beyond 5210-5341 and Nifty will trade within this range tomorrow. Breaking out direction will be decided through analysis of intraday charts patterns formations and will be updated in Mid-session Outlooks in the same manner as selling confirmation was updated today before the beginning of down moves.
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1- Selling between 5330-5341
2- Last 2 hours down moves in falling channel.
3- Whole day trading between 5294-5342
Conclusions from intra day chart analysis
Although US markets were blasting yesterday but Following precautionary line was clearly posted yesterday in Rally after sustaining above 5305:-
"technically rally beginning confirmations are must through sustaining above minimum above 1st Resistance and that is at 5305"
Firstly we cautioned yesterday through above line and again told today for intraday higher levels selling in both the Mid-session Outlooks. Higher levels selling confirmations was also updated well before the beginning of down moves at 01:03:00 PM.
Confirm selling at higher levels today but last 2 hours down moves in falling channel therefore sustaining below today lowest will be first down moves indication and sustaining below 5275(lower level of 1st Resistance 5275-5305) will be more and sharp down moves confirmations.
As firstly next moves confirmations will be through sustaining beyond immediate supports and resistances therefore these are as follows:-
1- First support 5210-5255
2- First resistance 5275-5305
3- Second resistance 5330-5341
Shooting Star/Gravestone Doji Bearish Candle formation today with genuine selling at higher levels but whole day intraday patterns are showing consolidation indications as well as lower levels supports also therefore firstly trading between 5210-5341 in all types of sentiments tomorrow and next moves preparation within this range through follow up buying/selling.
Confirmations will be after sustaining beyond 5210-5341 and Nifty will trade within this range tomorrow. Breaking out direction will be decided through analysis of intraday charts patterns formations and will be updated in Mid-session Outlooks in the same manner as selling confirmation was updated today before the beginning of down moves.