Nifty-Micro Analysis of 2 days Intra Day Chart(May 30 to May 31,20122)
Nifty-Intra Day Chart (May 30 to May 31,2012):-
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1- Selling between 4960-4982
2- Support between 4884-4905
3- Whole day trading between 4884-4949
Conclusions from 2 days intra day chart analysis
Following immediate supports and resistances were updated yesterday in Post-open Outlook
Next minor supports:
1- 4890
2- 4856
Next Resistances:
1- 4960-4982
Nifty traded most of the time between above mentioned 1st support and 1st resistance amid full of news flows on derivative expiry day.
All trends are down and Indian markets are in the stiff grip of Bears as well as multiple strong resistances at higher levels. It should be kept in mind that any sustained and decisive up move will be seen only after complete consolidations and rally confirmation will be minimum after sustaining above 1/2 resistances. Only Pull Back rallies may be seen after intraday or minor consolidations.
Last minutes sharp surge was only positive news based therefore following lines were told in Pre-Closing Outlook yesterday:-
"Indian Rupee good recovery also triggered intraday up moves today therefore confirmations are also required through sustaining above 4960 for any decisive up moves"
Pre-open Outlook(01-06-2012)
Asian markets are weak today morning after negative US Futures today morning therefore sentiment is depressed and weak opening will be seen. As Nifty survived above 4884 after most disappointing GDP data therefore yesterday Supports(4884-4905) should be firstly watched and follow up buying/selling today will decide next immdiate intraday moves.
Sustaining below 4884 will mean testing of following supports:-
1- 4789-4860
2- 4635-4663
3- 4602-4624
4- 4560-4590
As market require complete consolidations for any sustaining move above 4960 therefore let market consolidate then such up moves will be considered.