Nifty-Intra Day Chart(09-Nov-2011):-
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Technical Patterns and Formations in today intraday charts
1- Selling between 5280-5307
2- Whole day trading between 5212-5307
Conclusions from intra day chart analysis
Sharp fall was seen in the last one hour but weakness and profit booking possibility was was understood immediately after opening and within first 8 minutes following voews were updated in
Post-open Outlook(09-11-2011)
Positive zone trading after gap up opening but
not strong therefore profit booking possibility will be kept in mind
Firstly narrow range selling and after that crashing global cues triggered sharp fall as well as Nifty closed(5221) below the top(5229) of previous 54 sessions range.
Nifty-Intra Day Chart(Oct 25 to Nov 09,2011):-
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Technical Patterns and Formations in last 10 sessions intraday charts
1- Last 8 days trading between 5203-5365
2- Closing at the lowest of last 8 days range on 09-11-2011.
3- Last support range is 5203-5224.
Conclusions from 8 days intraday chart
Although Nifty closed at the lowest of last sessions but intraday patterns of previous sessions are not showing pure selling except 09-11-2011 and last Tuesday sharp fall was led by crashing global cues therefore sustaining below the lowest(5203) of last 8 sessions range is must for breaking down confirmation of last 8 sessions range.
Conclusions
Indian markets traded range bound 54 sessions between 4720-5229 and broken out after Greece debt problems solutions expectations. All the Global markets crashed within last 2 days after eruption of Italy financial problems and Nifty closed near the lowest of last 8 sessions range on 09-11-2011.
Opening will depend on Asian markets and Indian markets next trend will be decided by the lowest(5203) of last 8 sessions range. Sustaining below 5203 will be confirmation of last 8 sessions breaking down and then more down moves will be seen as well as Indian markets will wait for Italy problems solutions within 54 sessions range(5270-5229).
Highly volatile Global markets therefore today trading levels will be decided according to Asian markets behaviour and morning sentiment as well as will be updated in the coming outlooks and sustaining beyond 5203 should be firstly watched for next trend and and survival confirmation of last month started rally.
