Nifty-Micro Analysis of Intra Day Chart For 15-05-2012
Nifty-Intra Day Chart (14-May-2012):-
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1- Selling between 4945-4955
2- Support between 4877-4900 in last 3 hours.
3- Falling Channel formations with its break out in last 3 hours.
3- Whole day trading between 4877-4955.
Conclusions from intra day chart analysis
Following lines were told in "Bull-Bear Match Final confirmation through Most Crucial 4908-4938" on 12-May-2012:-
"Bull-Bear Match Final confirmation will be through Most Crucial 4908-4938.Sustaining below 4908 will be Bear markets confirmation and sustaining above 4938 will be survival of up moves expectations"
Today closing is at 4907.80 and Bear markets confirmation is left through sustaining below 4908.
Although markets slipped after Inflation upward data in March 2012 but could not crash after Dow' Futures is more than 100 points down and most of the European markets are 2% or more down trading. On the other hand Nifty got support also in last more than 3 hours supports between 4877-4900 and Falling Channel formations with its break out in last 3 hours.
As most of the oscillators in EOD charts are oversold therefore Pull Back rally may be seen any day and its its possibility is alive today after last 2 sessions supports at lower levels. All the trends are down and continuation of correction therefore more down moves possibilities can not be ruled out and following levels should be watched for next moves confirmations:-
1- Sustaining beyond 4908 because last 2 sessions supports below and above it.
2- Sustaining below 4877 will be sharp declines confirmations.
3- Sustaining above 5036 will be Pull Back Rally confirmation.
Firstly sustaining beyond 4908 should be watched for next moves confirmations with keeping in mind above mentioned possibilities.