Nifty-Intra Day Chart(13-Oct-2011):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5120-5135
2- Selling between 5115-5128
3- Selling between 5090-5097
3- Whole day trading between 5068-5135
Conclusions
46 Sessions range bound market between 4720-5229 with strong resistances at higher levels between 5145-5220. Fresh consolidation was required today for crossing and sustaining above 4922 but intraday selling seen between above mentiined ranges therefore down moves are expected tomorrow.
Only one day selling is sufficient for begining of down moves and deeper down moves will depend on follow up selling tomorrow. Fresh resistance is 5090-5135 and until Nifty will not cross this range till then any up move will not be considered therefore sustaining beyond this range will be watched tomorrow for continuation or completion of today started correction.
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1- Selling between 5120-5135
2- Selling between 5115-5128
3- Selling between 5090-5097
3- Whole day trading between 5068-5135
Conclusions
46 Sessions range bound market between 4720-5229 with strong resistances at higher levels between 5145-5220. Fresh consolidation was required today for crossing and sustaining above 4922 but intraday selling seen between above mentiined ranges therefore down moves are expected tomorrow.
Only one day selling is sufficient for begining of down moves and deeper down moves will depend on follow up selling tomorrow. Fresh resistance is 5090-5135 and until Nifty will not cross this range till then any up move will not be considered therefore sustaining beyond this range will be watched tomorrow for continuation or completion of today started correction.