Nifty-Intra Day Chart (25-Apr-2013):-
Technical Patterns and Formations in today intraday charts
1- Up moves in Rising Channel.
2- First 5 hours narrow range trading between 5876-5909
2- High volatility in last hours.
3- Whole day actual trading between 5862-5923.
First 5 hours narrow range trading between 5876-5909 with up moves in Rising Channel after gap up opening and channel down but high volatility in last hours and mentioned range broken out both sides. As technical positions reverses during such volatility and negative news flow(Tension with China and JPC report on Coal scam) also therefore view is cautious.
All trends are up and technically no selling today therefore rally continuation is expected in the coming sessions but view is cautious and sustaining beyond 5876-5909 should be firstly watched tomorrow for next Short Term Trend confirmations.
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1- Up moves in Rising Channel.
2- First 5 hours narrow range trading between 5876-5909
2- High volatility in last hours.
3- Whole day actual trading between 5862-5923.
Conclusions from intra day chart analysis
First 5 hours narrow range trading between 5876-5909 with up moves in Rising Channel after gap up opening and channel down but high volatility in last hours and mentioned range broken out both sides. As technical positions reverses during such volatility and negative news flow(Tension with China and JPC report on Coal scam) also therefore view is cautious.
All trends are up and technically no selling today therefore rally continuation is expected in the coming sessions but view is cautious and sustaining beyond 5876-5909 should be firstly watched tomorrow for next Short Term Trend confirmations.