Nifty-EOD Chart (02-May-2012):-
Technical Patterns and Formations in EOD charts
1- 49 Sessions correction after rally completion at 5629.
2- Correction in Falling Trendline.
3- Crucial support zone between 5136-5236
Nifty-Intra Day Chart (02-May-2012):-
Technical Patterns and Formations in intraday charts
1- Selling between 5267-5279
2- Mixed Patterns between 5242-5255
3- Whole day trading between 5226-5279
Correction is continued below Falling Trend line and following multiple resistances developed during this correction:-
1- Resistance between 5267-5279
2- Resistance between 5275-5305
3- Resistance between 5318-5337
4- Resistance between 5357-5377
5- Resistance between 5418-5487
6- Resistance between 5588-5625
Support zone has also developed between 5136-5236 and crucial support ranges within this zone are as follows:-.
1- Support between 5222-5236
2- Support between 5165-5192
3- Support between 5136-5155
Market slipped after higher levels selling and closed at the lowest of the day yesterday. Only Pull back rally was expected and following line was told in "Pull Back Rally on Cards" yesterday:-
expected that fresh Pull Back Rally will begin now to test next resistances near 5300
Nifty traded within next resistance range(5275-5305) and slipped after fresh selling between 5267-5279. As previous resistance strengthened after fresh selling within and just below it yesterday therefore whole day down moves and closing at lowest of the day was seen yesterday.
As soon as selling started to develop then it was also clearly updated in both Mid-session Outlooks yesterday and following line was told:
next support(5222) should be watched and slipping below 5222 will mean decisive down moves.
Down moves will be seen today and testing of above supports can not be ruled out after yesterday selling and complete consolidation is also required for any decisive up move but until Nifty will not sustain below 5136 till then deeper correction will not be considered.
Coming sessions trading is expected between crucial support zone 5136-5236 and sustaining it beyond should be firstly watched for next trend confirmations. consolidation/distribution within this range will decide the life and depth of on going correction.
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| Just click on chart for its enlarged view |
1- 49 Sessions correction after rally completion at 5629.
2- Correction in Falling Trendline.
3- Crucial support zone between 5136-5236
Nifty-Intra Day Chart (02-May-2012):-
 |
| Just click on chart for its enlarged view |
1- Selling between 5267-5279
2- Mixed Patterns between 5242-5255
3- Whole day trading between 5226-5279
Conclusions (After Putting All Indicators Together)
Correction is continued below Falling Trend line and following multiple resistances developed during this correction:-
1- Resistance between 5267-5279
2- Resistance between 5275-5305
3- Resistance between 5318-5337
4- Resistance between 5357-5377
5- Resistance between 5418-5487
6- Resistance between 5588-5625
Support zone has also developed between 5136-5236 and crucial support ranges within this zone are as follows:-.
1- Support between 5222-5236
2- Support between 5165-5192
3- Support between 5136-5155
Market slipped after higher levels selling and closed at the lowest of the day yesterday. Only Pull back rally was expected and following line was told in "Pull Back Rally on Cards" yesterday:-
expected that fresh Pull Back Rally will begin now to test next resistances near 5300
Nifty traded within next resistance range(5275-5305) and slipped after fresh selling between 5267-5279. As previous resistance strengthened after fresh selling within and just below it yesterday therefore whole day down moves and closing at lowest of the day was seen yesterday.
As soon as selling started to develop then it was also clearly updated in both Mid-session Outlooks yesterday and following line was told:
next support(5222) should be watched and slipping below 5222 will mean decisive down moves.
Down moves will be seen today and testing of above supports can not be ruled out after yesterday selling and complete consolidation is also required for any decisive up move but until Nifty will not sustain below 5136 till then deeper correction will not be considered.
Coming sessions trading is expected between crucial support zone 5136-5236 and sustaining it beyond should be firstly watched for next trend confirmations. consolidation/distribution within this range will decide the life and depth of on going correction.