Nifty-Intra Day Chart(03Feb-2012):-
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Technical Patterns and Formations in today intraday charts
1- Support between 5256-5271.
2- Sharp surge
3- Up moves in Rising channel with Bearish rising wedge formation.
4- Rising Channel Broken down in last minutes.
5- Whole day trading between 5256-5333
Conclusions from intra day chart analysis
Strong rally after lower levels support but last one hour moves in Rising channel with Bearish rising wedge formation therefore minor intraday correction signals also from Intraday charts formations.
Strong Bullish rally is on and most of the times markets completes very short term and minor corrections within sideways markets or at higher levels also in most Bullish intraday sentiments. Although minor distribution formations but until follow up selling will not develop in the coming sessions till then any decisive down move will not be considered.