Nifty-Intra Day Chart (07-Mar-2013):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 5803-5823.
2- Whole day actual trading between 5803-5875.
Long Term Trend is up,Intermediate Term Trend is down and Short Term Trend turned up after lower levels good consolidations and rally within resistance range(5800-5895) yesterday. As Short Term Indicators were oversold therefore Pull Back Rally was due and it was seen yesterday and until intraday selling patterns will not develop till then its continuation will be expected. As no intraday selling seen therefore up moves continuation willl be expected.
Nifty traded 61 previous sessions between 5823-6111 with Bearish Head and Shoulders pattern formations and its Neckline(5823) as well as 61 sessions range broken down on 26-03-2013 but Nifty reentered mentioned range yesterday after passing 7 sessions below 5823. As Nifty Slipped below 5823 after good higher levels selling in 61 sessions therefore strong resistances up to 6110 and complete follow up consolidation is required for up moves continuation. As up moves continuation after 'ABC' waves formations therefore correction completion possibility will also be considered.
Pre-open Outlook(08-03-2013)
Sentiment is heated today after yesterday rally and strong moves in some Asian markets therefore profit booking possibility can not be ruled out today and firstly mentioned resistance range(5800-5895) valid break out should be watched for next rally confirmations.
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1- Consolidation between 5803-5823.
2- Whole day actual trading between 5803-5875.
Conclusions from intra day chart analysis
Long Term Trend is up,Intermediate Term Trend is down and Short Term Trend turned up after lower levels good consolidations and rally within resistance range(5800-5895) yesterday. As Short Term Indicators were oversold therefore Pull Back Rally was due and it was seen yesterday and until intraday selling patterns will not develop till then its continuation will be expected. As no intraday selling seen therefore up moves continuation willl be expected.
Nifty traded 61 previous sessions between 5823-6111 with Bearish Head and Shoulders pattern formations and its Neckline(5823) as well as 61 sessions range broken down on 26-03-2013 but Nifty reentered mentioned range yesterday after passing 7 sessions below 5823. As Nifty Slipped below 5823 after good higher levels selling in 61 sessions therefore strong resistances up to 6110 and complete follow up consolidation is required for up moves continuation. As up moves continuation after 'ABC' waves formations therefore correction completion possibility will also be considered.
Pre-open Outlook(08-03-2013)
Sentiment is heated today after yesterday rally and strong moves in some Asian markets therefore profit booking possibility can not be ruled out today and firstly mentioned resistance range(5800-5895) valid break out should be watched for next rally confirmations.