Nifty-Intra Day Chart(07-Sep-2011):-
Technical Patterns and Formations in today intraday charts
1- Consolidation(Support) between 5085-5113
2- Up moves in Rising Channel which was broken down in last 45 minutes.
3- Minor Head & Shoulder formation in last 2 hours between 5140-5153.
4- Falling trend line(1st support near 5115)
5- Slow up moves within next crucial Resistance range(5120-5220)
6- Whole day trading between 5085-5153.
Conclusions from today intraday chart
Slow up moves in Rising Channel were seen today but minor selling pattern of Head and Shoulders developed in last 2 hours between 5140-5153 therefore whole day Rising Channel broken down in last 45 minutes and Nifty closed below it also.
Resistances are as follows;-
1- Today selling between 5140-5153
2- Crucial Resistance range(5120-5220)
Only upmoves and continuation of Pull Back Rally was told in all the 5 outlooks which were posted for today market and never told only a single word for down moves. Positive market was told also immediately after Delhi Bomb blast news and up moves seen after that heart breaking incident. Pull Back rally is on but Indian markets are not mature for any side sustained moves today because:-
1- Selling formation and small HNS formation at higher levels today between crucial Resistance range(5120-5220) therefore complete consolidation is must for any up move from today highs.
2- Pull back rally is on and today 2 hours selling is not sufficient for down moves views formation. Complete selling is also required for moving below today support range(5085-5113)
Conclusions
Lower levels consolidations(5085-5113) and higher levels selling(5140-5153) between today trading range(5085-5153) therefore Indian markets will firstly prepare for next moves and follow up Buying/Selling in the coming sessions will give next moves indications.
Pull Back rally is on and more up moves are demand of on going rally therefore expected that follow up buying will be seen in the coming sessions and markets will move up. As selling at higher levels today therefore confirmation is required after sustaining above 5113.
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1- Consolidation(Support) between 5085-5113
2- Up moves in Rising Channel which was broken down in last 45 minutes.
3- Minor Head & Shoulder formation in last 2 hours between 5140-5153.
4- Falling trend line(1st support near 5115)
5- Slow up moves within next crucial Resistance range(5120-5220)
6- Whole day trading between 5085-5153.
Conclusions from today intraday chart
Slow up moves in Rising Channel were seen today but minor selling pattern of Head and Shoulders developed in last 2 hours between 5140-5153 therefore whole day Rising Channel broken down in last 45 minutes and Nifty closed below it also.
Resistances are as follows;-
1- Today selling between 5140-5153
2- Crucial Resistance range(5120-5220)
Only upmoves and continuation of Pull Back Rally was told in all the 5 outlooks which were posted for today market and never told only a single word for down moves. Positive market was told also immediately after Delhi Bomb blast news and up moves seen after that heart breaking incident. Pull Back rally is on but Indian markets are not mature for any side sustained moves today because:-
1- Selling formation and small HNS formation at higher levels today between crucial Resistance range(5120-5220) therefore complete consolidation is must for any up move from today highs.
2- Pull back rally is on and today 2 hours selling is not sufficient for down moves views formation. Complete selling is also required for moving below today support range(5085-5113)
Conclusions
Lower levels consolidations(5085-5113) and higher levels selling(5140-5153) between today trading range(5085-5153) therefore Indian markets will firstly prepare for next moves and follow up Buying/Selling in the coming sessions will give next moves indications.
Pull Back rally is on and more up moves are demand of on going rally therefore expected that follow up buying will be seen in the coming sessions and markets will move up. As selling at higher levels today therefore confirmation is required after sustaining above 5113.