Nifty-Intra Day Chart(03-Nov-2011):-
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Technical Patterns and Formations in today intra day charts
1- Support between 5203-5224
2- Mixed Patterns between 5236-5272
3- Whole day trading between 5203-5280
Conclusions from Intra day Charts
As soon as Indian markets started to out perform global markets then it was told within first 15 minutes and when Indian markets were near the lower levels and started to consolidate then also it was updated within first 2 hours today today.
Indian markets got intraday support at lower levels within 5203-5224 and after that strong up move was seen on the back of jumping Dow's Futures(more than 200 points recovery) and rising European markets.
Dow's Futures was more than 170 points down today morning and Dow traded 195 points up today. It is clear that highly volatile global markets and most uncertain newsflow from Europe as well as such confusions are continued for the last 3 months. Once clear picture from European markets will mean continuation of strong rally in Indian markets as it was seen through 54 sessions break out on 28-10-2011.
Nifty-EOD Chart(03-Nov-2011):-
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Conclusions
Rally started in previous month and after 16 days up moves correction is on for the last 4 sessions. First signal of correction completion emerged after support at lower level between 5203-5224 today but correction completion confirmation is must through:-
1- Firstly crossing of today mixed patterns trading range(5236-5272)
2- Secondly sustaining above minimum next first resistance(5377-5297).
Expected that Nifty will firstly trade between 5254-5311 and next trend confirmation will be sustaining beyond 5203-5297 tomorrow or in the coming sessions and:-
1- Below 5203 will mean failure of today support and entering of uncertain 54 previous sessions range bound market.
2- Sustaining above 5297 will be confirmation of ongoing correction completion and in that situation fresh phase of rally will be expected after crossing of last resistance of ongoing rally(5318-5365).
