Nifty-Micro Analysis of 2 days Intra Day Chart
(Apr 13 & Apr 16,2012)
Nifty-Intra Day Chart (Apr 13 & Apr 16,2012):-
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1- Selling and Resistance between 5275-5305 on 13-04-2012
2- Mixed Patterns between 5200-5236 after Panic Bottom on 13-04-2012
3- Support and Consolidation between 5190-5205 on 16-04-2012
4- Mixed Patterns between 5217-5231 on 16-04-2012
5- Free Trading zone between 5231-5275
Conclusions from 2 days intra day chart analysis
Strong old support range of 5175-5236 was told many times in last one week and Nifty traded whole day today between this range within 5183.50-5233.50 with lower levels supports and intraday consolidation patterns. Certainly mentioned old support range has strengthened today but strong multiple resistances at higher levels also therefore equally complete consolidation is required to sustaining above next Resistance(5275-5305) and until Nifty will not sustain above 5305 till then any decisive up move will not be considered. As strong supports are lying between 5175-5236 therefore more selling is also equally required to sustain below.
Free Trading zone between 5231-5275 and expected that Nifty will firstly trade and prepare for next moves within this range,break out of this range will be first indication and sustaining beyond 5175-5305 will be next decisive trend confirmation. If any big news will not be visible then expected that Nifty will trade next 2/3 sessions between 5175-5305 and prepare.
Detailed Technical analysis have been posted with EOD and Intraday charts in following topics in last 3 days. Just click Topic Link below and understand Indian markets:-
1- Last corrective Wave before Strong Bullish Rally
2- Strong Rally Confirmations from Long Term Charts
3- Crucial Supports and Resistances of 36 sessions Correction
4- Lower Tops and Lower Bottoms Formation In On Going Correction
5- Correction is on & Firstly Watch Next Supports
6- Next Monday Asian markets reaction on Western Markets Bloodshed
7- Panic bottom formation on 13-04-2012
8- Market capped between Supports and Resistances