Nifty-Intra Day Chart (22-Jan-2013):-
Technical Patterns and Formations in today intraday charts
1-First 3 hours selling between 6085-6100
2- Whole day actual trading between 6043-6100
Although Indian markets up on 18 Jan and 19 Jan but on the back of positive news flow and intraday charts also showed selling patterns therefore we told following lines:-
1-On 20-01-2013 in Down Moves after Positive Weekly Opening:-
1-"As above expectations RIL Quarterly results declaration after trading hours on 18-01-2013 therefore positive opening will be seen on 21-01-2013 but expected that Nifty will not sustain at higher levels"
Although low formation at 6040.50 on 22-01-2013 but it was predicted well before and told following lines on 21-01-2013 in "Short Term correction on Cards":-
1- Nifty will not sustain above 6068
2- will slip below 6048 in the coming sessions.
3- Short Term correction will be seen within 2/3 sessions.
Down moves started after 12:30 PM on 22-01-2013 but when Indian markets were trading near the higher levels then selling was clearly told at 11:51: AM in Mid-session Outlook(22-01-2013):-
1- intraday charts are also selling patterns
2- selling signals in last more than 1 hour trading
Confirm and good selling between 6068-6100 in previous 3 sessions and complete cosolidation is required for any decisive up moves above 6100 and follow up selling will mean sharp fall toward 5960.
Expected that Nifty will firstly trade and prepare for next moves between 6020-6068 and break out of this range will give confirmation to deeper correction or yesterday started correction completion.
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1-First 3 hours selling between 6085-6100
2- Whole day actual trading between 6043-6100
Conclusions from intra day chart analysis
Although Indian markets up on 18 Jan and 19 Jan but on the back of positive news flow and intraday charts also showed selling patterns therefore we told following lines:-
1-On 20-01-2013 in Down Moves after Positive Weekly Opening:-
1-"As above expectations RIL Quarterly results declaration after trading hours on 18-01-2013 therefore positive opening will be seen on 21-01-2013 but expected that Nifty will not sustain at higher levels"
Although low formation at 6040.50 on 22-01-2013 but it was predicted well before and told following lines on 21-01-2013 in "Short Term correction on Cards":-
1- Nifty will not sustain above 6068
2- will slip below 6048 in the coming sessions.
3- Short Term correction will be seen within 2/3 sessions.
Down moves started after 12:30 PM on 22-01-2013 but when Indian markets were trading near the higher levels then selling was clearly told at 11:51: AM in Mid-session Outlook(22-01-2013):-
1- intraday charts are also selling patterns
2- selling signals in last more than 1 hour trading
Confirm and good selling between 6068-6100 in previous 3 sessions and complete cosolidation is required for any decisive up moves above 6100 and follow up selling will mean sharp fall toward 5960.
Expected that Nifty will firstly trade and prepare for next moves between 6020-6068 and break out of this range will give confirmation to deeper correction or yesterday started correction completion.