Nifty-Intra Day Chart (Oct 08 & Oct 09,2012):-
Technical Patterns and Formations in last 2 Sessions intraday charts
1- Selling between 5720-5733 on 08-10-2012.
2- Selling between 5718-5728 on 09-10-2012.
3- Supports between 5678-5695 on 09-10-2012.
4- Last 2 sessions trading between 5668-5733
As 21 sessions 600 Nifty points strong rally from 05-09-2012 to 05-10-2012 therefore correction was required and it was seen from last Friday. Intraday selling seen at higher levels in both sessions of this week but lower levels intraday support was also seen on 09-10-2012.
Nifty retraced upto 5668 in on going correction and slipping below it as well as trading possibility between next strong support range(5639-5680)also can not be ruled out because higher levels selling in both previous sessions.
If sentiment does ont remain boiling then expected that Nifty will firstly trade between within last 2 sessions range(5668-5733). US markets are now 0.56% to 1.40% down at this moment therefore sentiment may be weak tomorrow morning and trading is possible within next strong support range(5639-5680). Sustaining below 5639 will be deeper correction confirmation and rally beginning confirmation after correction completion will be after sustaining above 5733/ 5756.
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1- Selling between 5720-5733 on 08-10-2012.
2- Selling between 5718-5728 on 09-10-2012.
3- Supports between 5678-5695 on 09-10-2012.
4- Last 2 sessions trading between 5668-5733
Conclusions from 2 Sessions intra day chart analysis
As 21 sessions 600 Nifty points strong rally from 05-09-2012 to 05-10-2012 therefore correction was required and it was seen from last Friday. Intraday selling seen at higher levels in both sessions of this week but lower levels intraday support was also seen on 09-10-2012.
Nifty retraced upto 5668 in on going correction and slipping below it as well as trading possibility between next strong support range(5639-5680)also can not be ruled out because higher levels selling in both previous sessions.
If sentiment does ont remain boiling then expected that Nifty will firstly trade between within last 2 sessions range(5668-5733). US markets are now 0.56% to 1.40% down at this moment therefore sentiment may be weak tomorrow morning and trading is possible within next strong support range(5639-5680). Sustaining below 5639 will be deeper correction confirmation and rally beginning confirmation after correction completion will be after sustaining above 5733/ 5756.