Nifty-Intra Day Chart(13-dec-2011):-
Technical Patterns and Formations in today intraday charts
1- Support between 4735-4765
2- Selling between 4780-4795
3- Whole day trading between 4735-4823
Conclusions from intra day chart analysis
Although Indian markets closed near the top of the day but mixed intrady trading patterns with both buying at lower levels and selling at higher levels.
As intraday support seen above strong support range(4640-4690) today therefore survival hopes of Trend reversal Broadening Pattern is still alive but selling also seen at higher levels therefore complete confirmations are required despite closing at day's higher levels after last 45 minutes sharp surge.
Follow up moves(buying/selling) and finally sustaining beyond 4735-4815 tomorrow will give next moves confirmations and should be watched first.
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1- Support between 4735-4765
2- Selling between 4780-4795
3- Whole day trading between 4735-4823
Conclusions from intra day chart analysis
Although Indian markets closed near the top of the day but mixed intrady trading patterns with both buying at lower levels and selling at higher levels.
As intraday support seen above strong support range(4640-4690) today therefore survival hopes of Trend reversal Broadening Pattern is still alive but selling also seen at higher levels therefore complete confirmations are required despite closing at day's higher levels after last 45 minutes sharp surge.
Follow up moves(buying/selling) and finally sustaining beyond 4735-4815 tomorrow will give next moves confirmations and should be watched first.