Nifty-Intra Day Chart (19-Dec-2012):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5927-5939
2- 5 Times new lows formation
3- Support between 5911-5920
4- Whole day actual trading between 5911-5939
Although gap up opening today but under performance seen and it was immediately updated at 10:00 AM today. As profit booking developed immediately after opening therefore Nifty could not cross 1st hour highs and 5 times new lows formation seen. Market got intraday supports also at lower levels today therefore expected that rally will remain continued after follow up consolidation in the coming sessions.
Both intraday buying and selling today and volatility is also possible after Gujarat elections results tomorrow therefore today intraday trading range(5911-5939) valid break out should be firstly watched for next moves confirmations.
All trends are up and rally continuation is expected but very short term correction can not be ruled out after higher levels selling today and correction completion confirmation is must before next rally above 5965. Following levels should be firstly watched:-
1- Next support range(5880-5905)
2- Next resistance range(5935-5965)
Expected that Nifty will prepare for next moves between 5880-5965 in the coming sessions.
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1- Selling between 5927-5939
2- 5 Times new lows formation
3- Support between 5911-5920
4- Whole day actual trading between 5911-5939
Conclusions from intra day chart analysis
Although gap up opening today but under performance seen and it was immediately updated at 10:00 AM today. As profit booking developed immediately after opening therefore Nifty could not cross 1st hour highs and 5 times new lows formation seen. Market got intraday supports also at lower levels today therefore expected that rally will remain continued after follow up consolidation in the coming sessions.
Both intraday buying and selling today and volatility is also possible after Gujarat elections results tomorrow therefore today intraday trading range(5911-5939) valid break out should be firstly watched for next moves confirmations.
All trends are up and rally continuation is expected but very short term correction can not be ruled out after higher levels selling today and correction completion confirmation is must before next rally above 5965. Following levels should be firstly watched:-
1- Next support range(5880-5905)
2- Next resistance range(5935-5965)
Expected that Nifty will prepare for next moves between 5880-5965 in the coming sessions.