Nifty-Intra Day Chart (04-Oct-2012):-
Technical Patterns and Formations in today intraday charts
1- Most of the time range bound moves between 5777-5807
2- Consolidation between 5777-5790
3- Whole day acual trading between 5752-5807
Firstly half hour surge and after that whole day range bound moves between 5777-5807 with lower levels consolidation between 5777-5790 on 05-10-2012. As no distribution patterns and whole day intraday patterns are showing consolidation formations therefore rally continuation is expected.
Pre-open Outlook(05-10-2012)
All trends are up and bullish rally is on as well as all the Asian markets are positive after moderate up moves in US markets therefore sentiment is heated today morning and volatility after higher levels profit booking can not be ruled out today.
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1- Most of the time range bound moves between 5777-5807
2- Consolidation between 5777-5790
3- Whole day acual trading between 5752-5807
Conclusions from intra day chart analysis
Firstly half hour surge and after that whole day range bound moves between 5777-5807 with lower levels consolidation between 5777-5790 on 05-10-2012. As no distribution patterns and whole day intraday patterns are showing consolidation formations therefore rally continuation is expected.
Pre-open Outlook(05-10-2012)
All trends are up and bullish rally is on as well as all the Asian markets are positive after moderate up moves in US markets therefore sentiment is heated today morning and volatility after higher levels profit booking can not be ruled out today.
Long positions should be created after intraday correction completion.