Nifty-Intra Day Chart (Oct 08 to Oct 11,2012):-
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Technical Patterns and Formations in last 4 Sessions intraday charts
1- Resistance between 5720-5733
2- Whole day down moves in falling channel on 10-10-2012.
3- Intraday consolidation and Supports between 5640-5646 on 10-10-2012.
4- Sharp surge after intraday support between strong support range(5639-5680)
As soon as Indian markets got supports then it was immediately updated when Indian markets were trading near the lows of the day and following line was told today at 11:58AM in Mid-session Outlook:-
"As intraday supports getting indications within this range today therefore sustaining above 5646 will be first indication of short term up moves"
Although sentiment was depressed because most global markets showed weakness but Nifty consolidated between 5640-5646 and then surged sharply more than 75 points after opening of European markets. As Indian markets showed strength and got support between strong support range(5639-5680) therefore support at 5639 has been strengthened. Importance of this levels(5639) has already been updated in following topic yesterday:-
5639 for length of on going correction
Getting support at strong support and after that sharp intraday up move are perfect indications of fresh rally but confirmations are required through sustaining above next resistance range(5720-5733) and crucial level(5756).
Technical Patterns and Formations in last 4 Sessions intraday charts
1- Resistance between 5720-5733
2- Whole day down moves in falling channel on 10-10-2012.
3- Intraday consolidation and Supports between 5640-5646 on 10-10-2012.
4- Sharp surge after intraday support between strong support range(5639-5680)
Conclusions from 4 Sessions intra day chart analysis
As soon as Indian markets got supports then it was immediately updated when Indian markets were trading near the lows of the day and following line was told today at 11:58AM in Mid-session Outlook:-
"As intraday supports getting indications within this range today therefore sustaining above 5646 will be first indication of short term up moves"
Although sentiment was depressed because most global markets showed weakness but Nifty consolidated between 5640-5646 and then surged sharply more than 75 points after opening of European markets. As Indian markets showed strength and got support between strong support range(5639-5680) therefore support at 5639 has been strengthened. Importance of this levels(5639) has already been updated in following topic yesterday:-
5639 for length of on going correction
Getting support at strong support and after that sharp intraday up move are perfect indications of fresh rally but confirmations are required through sustaining above next resistance range(5720-5733) and crucial level(5756).
Expected that INFY Quarterly Results will trigger next trend tomorrow. Sustaining above 5756 will mean fresh phase of fast rally. Sustaining below 5639 will be deeper correction confirmation but before that complete intraday selling patterns are must.