Nifty today showed a good upmove in intraday and has formed on the daily charts what is known as a 'piercing pattern' (Japanese candlestick). It indicates a temporary halt to a down move.
Nifty's corrective rise is after a continuous fall for last 12 days...(today is the 13th day - - a fibonacci day!)
Consider 4635 as a crucial intraday support for tomorrow - Friday - and resistance at 4735 - 4775 levels ...
And yes - SBI's chart suggest a corrective rise to 1450-1475 levels !!
Happy Trading
CA Rajiv D Khatlawala
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