Nifty-Intra Day Chart (21-May-2012):-
Technical Patterns and Formations in today intraday charts
1- Support between 4904-4918
2- Selling between 4928-4937
3- New bottom formation after sharp fall
4- Whole day trading between 4889-4937
Clear supports at lower levels but selling patterns were also seen at higher levels yesterday. Although intraday technical correction through last half hour sharp fall with new bottom formation was also seen yesterday therefore sustaining beyond yesterday trading range is main demand for next short term moves confirmations.
Nowadays main trigger comes from Global markets and all the Asian markets are in Green today after strong recovery in all the European and US markets therefore sentiment is pleasant today morning and positive opening will be seen in Indian markets.
Following Weekly topic was posted on 19-05-2012.
Only Watch 4790-4907 Break out for Short Term / Intermediate Term Trend
As yesterday closing was at 4906.05 therefore no damage to supports below 4907 despite sharp fall yesterday. As intraday selling formations were seen between 4928-4937 yesterday therefore sustaing above 4937 is must today for next up moves confirmation.
Next 4 Resistances of last 11 sessions are as follows:-
R1-4904-4922
R2-4936-4953
R3-5003-5036
R4-5065-5125
As 4904-4922 was resistance therefore sharp fall was seen within this range yesterday for consolidations and snatching buying positions from weaker traders. Multiple resistances at higher levels therefore complete consolidations are rquired for decisive up moves.
Expected that market will sustain above 4937 and Pull Back rally continuation will be seen after its formation through higher levels consolidations today and in the coming sessions.
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1- Support between 4904-4918
2- Selling between 4928-4937
3- New bottom formation after sharp fall
4- Whole day trading between 4889-4937
Conclusions from intra day chart analysis
Clear supports at lower levels but selling patterns were also seen at higher levels yesterday. Although intraday technical correction through last half hour sharp fall with new bottom formation was also seen yesterday therefore sustaining beyond yesterday trading range is main demand for next short term moves confirmations.
Pre-open Outlook(22-05-2012)
Nowadays main trigger comes from Global markets and all the Asian markets are in Green today after strong recovery in all the European and US markets therefore sentiment is pleasant today morning and positive opening will be seen in Indian markets.
Following Weekly topic was posted on 19-05-2012.
Only Watch 4790-4907 Break out for Short Term / Intermediate Term Trend
As yesterday closing was at 4906.05 therefore no damage to supports below 4907 despite sharp fall yesterday. As intraday selling formations were seen between 4928-4937 yesterday therefore sustaing above 4937 is must today for next up moves confirmation.
Next 4 Resistances of last 11 sessions are as follows:-
R1-4904-4922
R2-4936-4953
R3-5003-5036
R4-5065-5125
As 4904-4922 was resistance therefore sharp fall was seen within this range yesterday for consolidations and snatching buying positions from weaker traders. Multiple resistances at higher levels therefore complete consolidations are rquired for decisive up moves.
Expected that market will sustain above 4937 and Pull Back rally continuation will be seen after its formation through higher levels consolidations today and in the coming sessions.