Technical Analysis,Researches & Market Outlook
(08-08-2012)
Nifty-Intra Day Chart (07-Aug-2012):- |
| Just click on chart for its enlarged view |
1- Almost whole day continuous up moves with intraday consolidations.
2- Slipping from higher levels in last half hour after Bearish Rising Wedge formations
3- Whole day trading between 5288-5350
Conclusions from intra day chart analysis
Firstly click following topic link and understand technical positions from EOD chart:-
Blasting Rally above 5365 but after Follow Up Consolidations
Nifty traded most of the time between mentioned strong resistance range(5300-5365) and continuously moved up after intraday consolidations. "Bearish Rising Wedge" formation was seen between 5330-5350 and after that Nifty slipped also in last half hour upto 5330 therefore consolidation is firstly required for next decisive up moves.
Expected that Nifty will finally sustain above 5365 after follow up consolidations and on going rally will remain continued. Blasting rally is also expected above 5365 and this possibility is very much alive but sustaining above 5365 should also be firstly watched because "Bearish Rising Wedge" formation also on 07-08-2012.