Nifty-Intra Day Chart(14-Nov-2011):-
Technical Patterns and Formations in today intraday charts
1- Falling Channel
2- Consolidation patterns
3- Whole day trading between 5141-5227
Conclusions from intra day chart analysis
Whole day falling channels with intraday consolidation patterns and closing at the support. Day started with Dow's futures 75 up and all the global markets started to melt down with the slipping of US futures and markets. Indian and all the European markets closed in Red after good opening and Dow Jones had also traded more than 100 points down.
Although Indian markets closed in Red but intraday charts are not showing selling patterns but consolidations formations are visible. As closing is exactly at support therefore sustaining below 5148 is must for next down moves confirmations.
'ABC' correction of Oct 2011 rally is on and its completion levels is near the closing of previous 2 sessions, slipping below it will mean countering of next strong support range(5010-5100). All the Global markets are completely affected by most uncertain European news flow and highly volatile global markets. As Indian markets are trading near strong supports therefore firstly sustaining below 5147 and then above mentioned next support range should be watched for next moves confirmations.
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1- Falling Channel
2- Consolidation patterns
3- Whole day trading between 5141-5227
Conclusions from intra day chart analysis
Whole day falling channels with intraday consolidation patterns and closing at the support. Day started with Dow's futures 75 up and all the global markets started to melt down with the slipping of US futures and markets. Indian and all the European markets closed in Red after good opening and Dow Jones had also traded more than 100 points down.
Although Indian markets closed in Red but intraday charts are not showing selling patterns but consolidations formations are visible. As closing is exactly at support therefore sustaining below 5148 is must for next down moves confirmations.
'ABC' correction of Oct 2011 rally is on and its completion levels is near the closing of previous 2 sessions, slipping below it will mean countering of next strong support range(5010-5100). All the Global markets are completely affected by most uncertain European news flow and highly volatile global markets. As Indian markets are trading near strong supports therefore firstly sustaining below 5147 and then above mentioned next support range should be watched for next moves confirmations.