Nifty-Micro Analysis of 11 Sessions Intra Day Chart
(May 10 to May 24,2012)
Nifty-Intra Day Chart (May 10 to May 24,2012):- |
| Just click on chart for its enlarged view |
1- Strong supports between 4789-4860
2- Strong Resistances between 4910-4960
Conclusions from 11 Sessions intra day chart analysis
As Nifty survived between 4789-4860 amid most depressing national and internationl news flow therefore this range has developed as good support. Although negative news of Petroleum price hike and no support from global markets but strong up moves were seen yesterday and Nifty countered next strong resistance range as well as closed within it.
Follow up consolidations/distribution will be decided from coming sessions intraday charts formations and sustaining beyond mentioned resistance range will give following conclusions:-
1- Sustaining above 4960 will mean strong Pull Back Rally.
2- Sustaining below 4910 will mean retesting of above mentioned supports.
Pre-open Outlook(25-05-2012)
No specific cue from Asian markets today morning after US markets flat closing yesterday therefore sentiment is quiet and firstly trading is expected between 4890-4960. As Nifty has to cross above mentioned strong resistances therefore therefore complete consolidations are required for crossing and sustaining above 4960.
Sustaining beyond 4890-4960 will decide the fate of yesterday begun up moves and should be firstly watched today because flood of news adverse flow from national and internationl avenues.
Although following of above mentioned precautions are must but finally Pull Back Rally is expected after sustaining above 4960.