Nifty-Intra Day Chart (11-Apr-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5574-5589
2- Support between 5542-5562
3- High volatility in last 2 hours
3- Whole day actual trading between 5542-5610
Totally mixed patterns and technical positions reverses also during High volatility therefore Indian markets are not prepared for any side decisive moves in the coming session. As Following 3 news today therefore again high volatility can not be ruled out:-
1- INFY results.
2- IIP numbers.
3- Inflation data.
Following crucial levels have already been broken down:-
1- 5548.35(Strong support because Wave v begun from this levels after almost 2 months range bound consolidations)
2- 5629.95(Top of Wave 1)
3- Long Term Trend decider 200 Day DMA at 5650 on 11-04-2012
4- Long Term Trend decider 200 Day EMA at 5666 on 11-04-2012
Although Bearish market confirmations through breaking down of above levels and until Nifty will not close and sustain above Long Term Trend decider 200 Day EMA(5666) till then trend reversal will not be considered but positive moves indication also due to following reasons:-
1- Nifty closed 5548.35 in last 2 sessions.
2- Lower levels supports also seen in last 2 sessions.
3- FIIs bought more than 3200 Cr in Stock Futures during April 2013 and they were net buyers daily.
Such high buying in Stock Futures does also mean that sentiment made depressed through Indices stocks and Futures selling and making long positions created through Stock Futures buying therefore emergence of 1st signal of up moves and coming sessions follow up positions will decide next trend.
Technically nothing is left for Bulls after above mentioned all crucial levels broken down confirmations but above mentioned 3 indications of Positive markets also seen therefore firstly valid break out of previous 2 sessions trading range(5478-5610) should be firstly watched for next trend confirmations because both buying and selling seen within this range.
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1- Selling between 5574-5589
2- Support between 5542-5562
3- High volatility in last 2 hours
3- Whole day actual trading between 5542-5610
Conclusions from intra day chart analysis
Totally mixed patterns and technical positions reverses also during High volatility therefore Indian markets are not prepared for any side decisive moves in the coming session. As Following 3 news today therefore again high volatility can not be ruled out:-
1- INFY results.
2- IIP numbers.
3- Inflation data.
Following crucial levels have already been broken down:-
1- 5548.35(Strong support because Wave v begun from this levels after almost 2 months range bound consolidations)
2- 5629.95(Top of Wave 1)
3- Long Term Trend decider 200 Day DMA at 5650 on 11-04-2012
4- Long Term Trend decider 200 Day EMA at 5666 on 11-04-2012
Although Bearish market confirmations through breaking down of above levels and until Nifty will not close and sustain above Long Term Trend decider 200 Day EMA(5666) till then trend reversal will not be considered but positive moves indication also due to following reasons:-
1- Nifty closed 5548.35 in last 2 sessions.
2- Lower levels supports also seen in last 2 sessions.
3- FIIs bought more than 3200 Cr in Stock Futures during April 2013 and they were net buyers daily.
Such high buying in Stock Futures does also mean that sentiment made depressed through Indices stocks and Futures selling and making long positions created through Stock Futures buying therefore emergence of 1st signal of up moves and coming sessions follow up positions will decide next trend.
Technically nothing is left for Bulls after above mentioned all crucial levels broken down confirmations but above mentioned 3 indications of Positive markets also seen therefore firstly valid break out of previous 2 sessions trading range(5478-5610) should be firstly watched for next trend confirmations because both buying and selling seen within this range.