Nifty-Micro Analysis of Intra Day Chart For 17-05-2012
Nifty-Intra Day Chart (16-May-2012):-
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1- Down moves in Falling Channel.
2- Falling Channel upward Break out.
3- Last 2 hours volatility after Break out.
3- Whole day trading between 4838-4882
Conclusions from intra day chart analysis
Intraday trading within 4838-4882 with Falling Channel formation and its upward break out was also seen. Falling channel and its upward break out are Bullish formations and sustaining above intraday high(4882) will be Pull Back rally confirmation.
As all trands are down therefore more consolidations are required for decisive up moves and follow up buying in the coming sessions will mean Pull Back rally after forceful break out or sustaining above 4882.
Firstly watch sustaining or closing beyond 4882 for next moves confirmations and it will decide the fate of Pull Back rally.