Nifty-Intra Day Chart (08-Nov-2012):-
Technical Patterns and Formations in today intraday charts
1- Selling formations at higher levels.
2- Lower levels good support between 5716-5726.
3- Almost whole day hovering around 5733.
3- Whole day actual trading between 5716-5742.
Whole day 26 points quiet trading between 5716-5742 with lower levels supports and higher levels intraday selling patterns. 32 Previous sessions most time trading range is 5639-5733 and Nifty traded above 5733 on 07-11-2012 but could not sustain above it and today most time hovering around 5733 without any clear intraday pattern formation.
Sustaining beyond 5733 will prove the validity of break out on 07-11-2012 and it should be firstly watched tomorrow for following next trend confirmation:-
1- Sustaining above 5733 will be strong indication of next up trend but confirmation will be after sustaining above 5777/5815.
2- Below 5733 will mean slipping into 32 previous sessions most trading range(5639-5733).
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1- Selling formations at higher levels.
2- Lower levels good support between 5716-5726.
3- Almost whole day hovering around 5733.
3- Whole day actual trading between 5716-5742.
Conclusions from intra day chart analysis
Whole day 26 points quiet trading between 5716-5742 with lower levels supports and higher levels intraday selling patterns. 32 Previous sessions most time trading range is 5639-5733 and Nifty traded above 5733 on 07-11-2012 but could not sustain above it and today most time hovering around 5733 without any clear intraday pattern formation.
Sustaining beyond 5733 will prove the validity of break out on 07-11-2012 and it should be firstly watched tomorrow for following next trend confirmation:-
1- Sustaining above 5733 will be strong indication of next up trend but confirmation will be after sustaining above 5777/5815.
2- Below 5733 will mean slipping into 32 previous sessions most trading range(5639-5733).