Nifty-Intra Day Chart (Oct 19 to Oct 22,2012):-
Technical Patterns and Formations in last 2 Sessions intraday charts
1- More than 6 hours trading within 5692-5721 in last 2 sessions
2- Selling within 5692-5721 last Friday and today again intraday selling formations within this range.
Nifty traded more than 6 hours within 5692-5721 in last 2 sessions and also closed neat the top within this range today but 2 hours selling seen within this range last Friday and today also selling formations within this range. Although Nifty closed near the highs of the day today but selling formations in last more than 4 hours intraday charts.
As 6 hours selling formations in last 2 sessions intraday charts therefore correction continuation possibility through slipping below 5692 is alive. 20 Sessions most time trading between 5639-5733 and Short Term Trend is sideways after 600 points strong rally in 21 sessions from 05-09-2012 to 05-10-2012 therefore finally sustaining beyond 5639-5733 will give confirmation to deeper correction below 5639 or strong rally above 5733.
Sustaining beyond above mentioned 6 hours range(5692-5721) will be first indication and finally sustaining beyond previous 20 Sessions most time trading range(5639-5733) will be confirmation
 |
| Just click on chart for its enlarged view |
1- More than 6 hours trading within 5692-5721 in last 2 sessions
2- Selling within 5692-5721 last Friday and today again intraday selling formations within this range.
Conclusions from 2 Sessions intra day chart analysis
Nifty traded more than 6 hours within 5692-5721 in last 2 sessions and also closed neat the top within this range today but 2 hours selling seen within this range last Friday and today also selling formations within this range. Although Nifty closed near the highs of the day today but selling formations in last more than 4 hours intraday charts.
As 6 hours selling formations in last 2 sessions intraday charts therefore correction continuation possibility through slipping below 5692 is alive. 20 Sessions most time trading between 5639-5733 and Short Term Trend is sideways after 600 points strong rally in 21 sessions from 05-09-2012 to 05-10-2012 therefore finally sustaining beyond 5639-5733 will give confirmation to deeper correction below 5639 or strong rally above 5733.
Sustaining beyond above mentioned 6 hours range(5692-5721) will be first indication and finally sustaining beyond previous 20 Sessions most time trading range(5639-5733) will be confirmation