Nifty-Intra Day Chart (12-Mar-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5938-5950
1- Support between 5894-5912
3- Whole day actual trading between 5894-5950
Although down moves were seen today but We clearly told again and again only for down moves in almost all the previous 4 days Outlooks. Importance of next resistance range(5940-5970) was also updated in almost all the topics since 09-03-2013 and more than 8 nours trading was seen between this range in last 2 sessions. As selling seen therefore mentioned resistance range has become stronger and possibility of Pull Back rally termination as well as down moves in the coming sessions.
WPI inflation on 14 and RBI credit policy on 19 March therefore coming sessions may be volatile news generated follow up moves will be watched and will be updated accordingly. Valid break out of 5890-5970 will be next trend firstly strong indication therefore should be firstly watched in the coming sessions despite more down moves possibility.
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1- Selling between 5938-5950
1- Support between 5894-5912
3- Whole day actual trading between 5894-5950
Conclusions from intra day chart analysis
Although down moves were seen today but We clearly told again and again only for down moves in almost all the previous 4 days Outlooks. Importance of next resistance range(5940-5970) was also updated in almost all the topics since 09-03-2013 and more than 8 nours trading was seen between this range in last 2 sessions. As selling seen therefore mentioned resistance range has become stronger and possibility of Pull Back rally termination as well as down moves in the coming sessions.
WPI inflation on 14 and RBI credit policy on 19 March therefore coming sessions may be volatile news generated follow up moves will be watched and will be updated accordingly. Valid break out of 5890-5970 will be next trend firstly strong indication therefore should be firstly watched in the coming sessions despite more down moves possibility.