Nifty-Micro Analysis of Intra Day Chart For 11-05-2012
Nifty-Intra Day Chart (10-May-2012):-
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1- Almost first 4 hours trading between between 5019-5036 with intraday selling between 5025-5036.
2- Last more than one hour trading between 4951-4985 with mixed intraday patterns.
3- Whole day trading between 4951-5039
Conclusions from intra day chart analysis
Long Term Trend decider 200-Day SMA is today at 5106 and today closing was third consecutive day closing below it. Correction is continued and intraday selling was seen again seen below 200-Day SMA today therefore almost confirmation of Long Term Trend turning down.
61.8% retracement level is at 4950 and today lowest is at 4950.30 as well as last more than one hour trading between 4951-4985 with mixed intraday patterns therefore sustaining beyond 4950 will be firstly watched tomorrow for the confirmation of;-
1- Deeper correction below 4950 or
2- Long Term Trend survival last hopes above 4950.