Nifty-Intra Day Chart (08-May-2013):-
Technical Patterns and Formations in today intraday charts
1- Support between 6024-6040
2- Selling indications 6050-6065
3- Whole day actual trading between 6024-6083
All trends are up and impulsive Wave-5 continuation but Indicators are overbought and suggesting for correction. As complete selling patterns on daily charts are required for any deeper correction and no such patterns formations yet therefore any deeper correction will not be considered at this moment. Many times Bullish markets complete its corrections between sideways moves or at higher levels consolidations therefore such type of corrections should be kept in mind.
Lower levels supports and selling patterns indications at higher levels seen in last more than 2 hours therefore mixed patterns formations on 08-05-2013. Next strong resistance are between 6050-6105 and complete consolidations patterns are required for crossing and sustaining above 6105 but Nifty traded between this range with selling patterns indications therefore sustaining above yesterday high(6083) should be firstly watched today for immediate next up moves confirmations.
 |
| Just click on chart for its enlarged view |
1- Support between 6024-6040
2- Selling indications 6050-6065
3- Whole day actual trading between 6024-6083
Conclusions from intra day chart analysis
All trends are up and impulsive Wave-5 continuation but Indicators are overbought and suggesting for correction. As complete selling patterns on daily charts are required for any deeper correction and no such patterns formations yet therefore any deeper correction will not be considered at this moment. Many times Bullish markets complete its corrections between sideways moves or at higher levels consolidations therefore such type of corrections should be kept in mind.
Lower levels supports and selling patterns indications at higher levels seen in last more than 2 hours therefore mixed patterns formations on 08-05-2013. Next strong resistance are between 6050-6105 and complete consolidations patterns are required for crossing and sustaining above 6105 but Nifty traded between this range with selling patterns indications therefore sustaining above yesterday high(6083) should be firstly watched today for immediate next up moves confirmations.
As complete selling patterns are required for any deeper correction and no such formation seen yet therefore rally continuation is expected after follow up consolidations within mentioned resistance range.