Nifty-Intra Day Chart (21-Nov-2012):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 5581-5602
2- Whole day actual trading between 5560-5620
36 Sessions trading range(5583-5815) broken down on 16-11-2012 but its validity confirmation was required through sustaining below 5583. As moves below 5583 were not forceful therefore follow up selling below it was must but Indian markets got supports and consolidated on 19-11-2012. As soon as Indian markets got support and started consolidation then it was updated on 19-11-2012 and following lines were told:-
1- In Mid-session Outlook:- "emergence of consolidation paterns formations and expectation of small up moves from here"
2- In Pre-Closing Outlook:- "Although Nifty traded most time in negative zone and now trading also near today lower levels but with intraday consolidation patterns formations therefore up moves expectations are alive"
Resultant up moves with intraday consolidation between 5581-5602 and closing above 5583 was seen yesterday as well as broken down on 16-11-2012 proved false. Indian markets are not trending and sideways for the last 2 months therefore now up moves will be seen within mentioned 36 Sessions trading range. As multiple and strong resistances therefore upmoves will be slow and after complete consolidation.
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1- Consolidation between 5581-5602
2- Whole day actual trading between 5560-5620
Conclusions from intra day chart analysis
36 Sessions trading range(5583-5815) broken down on 16-11-2012 but its validity confirmation was required through sustaining below 5583. As moves below 5583 were not forceful therefore follow up selling below it was must but Indian markets got supports and consolidated on 19-11-2012. As soon as Indian markets got support and started consolidation then it was updated on 19-11-2012 and following lines were told:-
1- In Mid-session Outlook:- "emergence of consolidation paterns formations and expectation of small up moves from here"
2- In Pre-Closing Outlook:- "Although Nifty traded most time in negative zone and now trading also near today lower levels but with intraday consolidation patterns formations therefore up moves expectations are alive"
Resultant up moves with intraday consolidation between 5581-5602 and closing above 5583 was seen yesterday as well as broken down on 16-11-2012 proved false. Indian markets are not trending and sideways for the last 2 months therefore now up moves will be seen within mentioned 36 Sessions trading range. As multiple and strong resistances therefore upmoves will be slow and after complete consolidation.