Nifty-Intra Day Chart (18-Sep-2012):-
Technical Patterns and Formations in today intraday charts
1- Whole day slow down moves in Falling Channel.
2- Whole day acual trading between 5593-5619
Whole day slow down moves in Falling Channel and it is consolidation formation but political uncertainity today and rolling back of possibility of previous week reform decisions therefore correction possibility is also turning alive because intraday higher levels selling was also seen on 17-09-2012.
Last 2 sessions trading between 5586-5640 with confirm higher levels selling. As yesterday intraday charts are showing consolidation indications therefore correction beginning confirmation is required through sustaining below 5586 after above mentioned negative news flow.
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1- Whole day slow down moves in Falling Channel.
2- Whole day acual trading between 5593-5619
Conclusions from intra day chart analysis
Whole day slow down moves in Falling Channel and it is consolidation formation but political uncertainity today and rolling back of possibility of previous week reform decisions therefore correction possibility is also turning alive because intraday higher levels selling was also seen on 17-09-2012.
Last 2 sessions trading between 5586-5640 with confirm higher levels selling. As yesterday intraday charts are showing consolidation indications therefore correction beginning confirmation is required through sustaining below 5586 after above mentioned negative news flow.