Technical Analysis and Market Outlook
(12-02-2013)
Nifty-Intra Day Chart (11-Feb-2013):-(12-02-2013)
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1- Consolidation between 5883-5900.
2- 5 Waves of Bearish Rising Wedge formation.
3- Selling between 5907-5915
4- Whole day actual trading between 5883-5915.
Conclusions from intra day chart analysis
Just click following topic link and understand Daily Chart analysis:-
32 Points narrow range trading with lower level supports and consolidations and slipping also from higher levels after Bearish Rising Wedge formation and selling as well. As mixed intraday patterns formations within 5883-5915 today therefore its valid break out should be firstly watched tomorrow for following next decisive moves confirmations:-
1- 38.2%(5895) retracement completed on 08-02-2013 and sustaining below 5883 after follow up selling will mean testing possibility of next support at 5823.
2- Intraday support also seen near about 5895 today and sustaining above 5915 after follow up consolidation will mean Short Term Up moves possibility but on going correction completion confirmation will be above next resistance range(5930-5984).
Valid Break Out of 5883-5915 should be firstly watched tomorrow for next Trend confirmations.