Nifty-Intra Day Chart (Nov 30 to Dec 04,2012):-
Technical Patterns and Formations in last 3 Sessions intraday charts
1- More than 16 hours trading in 3 sessions between 5855-5898.
2- support between 5829-5848.
3- support between 5860-5871.
4- Selling between 5878-5898.
5- Last 1 hour up moves with Bearish Rising wedge formation and news based on 04-12-2012 because up moves after beginning of Parliament at 02:00 PM.
Conclusions from 3 Sessions intra day chart analysis
Higher levels selling in last 3 sessions therefore consolidation was must for any up moves above 5900 and it was seen at lower levels also. Although closing near higher levels yesterday but sufficient selling at higher levels in last 3 sessions therefore more consolidation is required for sustaining above 5900.
44 Sessions sideways trading range( 5549-5815) broken out on 29-11-2012 and last 4 sessions closing above 5815 also but selling also seen at higher levels in last 2 sessions. Although good consolidation also seen at lower levels in last 3 sessions but 44 Sessions range break out final confirmation will be after sustaining above 5900 because higher levels selling in last 3 sessions with Bearish Rising wedge formation also yesterday.
Indian markets may be volatile according to news flow from Parliament therefore valid break out of 5815-5900 should be watched for next decisive trend confirmation.
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1- More than 16 hours trading in 3 sessions between 5855-5898.
2- support between 5829-5848.
3- support between 5860-5871.
4- Selling between 5878-5898.
5- Last 1 hour up moves with Bearish Rising wedge formation and news based on 04-12-2012 because up moves after beginning of Parliament at 02:00 PM.
Conclusions from 3 Sessions intra day chart analysis
Higher levels selling in last 3 sessions therefore consolidation was must for any up moves above 5900 and it was seen at lower levels also. Although closing near higher levels yesterday but sufficient selling at higher levels in last 3 sessions therefore more consolidation is required for sustaining above 5900.
44 Sessions sideways trading range( 5549-5815) broken out on 29-11-2012 and last 4 sessions closing above 5815 also but selling also seen at higher levels in last 2 sessions. Although good consolidation also seen at lower levels in last 3 sessions but 44 Sessions range break out final confirmation will be after sustaining above 5900 because higher levels selling in last 3 sessions with Bearish Rising wedge formation also yesterday.
Indian markets may be volatile according to news flow from Parliament therefore valid break out of 5815-5900 should be watched for next decisive trend confirmation.