Nifty-Intra Day Chart (06-Mar-2013):-
Technical Patterns and Formations in today intraday charts
1- Support between 5796-5802
2- Selling between 5818-5828
3- Whole day actual trading between 5796-5828
Strong Global cues led gap up opening and slow up moves after lower levels supports but higher levels good selling also despite closing near intraday higher levels. As mixed intraday positions today therefore Nifty will firstly trade and prepare for next moves between today trading range. It should be kept in mind that good selling at higher levels today and follow up selling tomorrow will mean firstly down moves toward 5665 after completion of Bounce back.
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1- Support between 5796-5802
2- Selling between 5818-5828
3- Whole day actual trading between 5796-5828
Conclusions from intra day chart analysis
Strong Global cues led gap up opening and slow up moves after lower levels supports but higher levels good selling also despite closing near intraday higher levels. As mixed intraday positions today therefore Nifty will firstly trade and prepare for next moves between today trading range. It should be kept in mind that good selling at higher levels today and follow up selling tomorrow will mean firstly down moves toward 5665 after completion of Bounce back.
Although down moves below 5796 are expected but valid break out of 5796-5828 should be watched tomorrow for next moves confirmations.