Nifty-Intra Day Chart (14-May-2013):-
Technical Patterns and Formations in today intraday charts
1- Up moves in Bearish Rising Channel.
1- Selling between 6006-6025
3- Whole day actual trading between 5970-6025
Firstly more than first 2 hours up moves in Bearish Rising channel and it was broken down despite good news of more than 1% reduction of WPI Inflation as well as higher levels selling formations therefore suggesting down moves and correction continuation.
Pre-open Outlook(15-05-2013)
Most of the Asian markets are in Green after strong closing of US and European markets yesterday therefore sentiment is good today morning and some up moves will be seen after positive opening today. Some recovery can not be ruled out today on the back of strong global cues but higher levels selling yesterday therefore expected that finally Nifty will not sustain above 6025 and will slip in the coming sessions.
For next immediate trend confirmations sustaining beyond yesterday trading range should also be watched.
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1- Up moves in Bearish Rising Channel.
1- Selling between 6006-6025
3- Whole day actual trading between 5970-6025
Conclusions from intra day chart analysis
Firstly more than first 2 hours up moves in Bearish Rising channel and it was broken down despite good news of more than 1% reduction of WPI Inflation as well as higher levels selling formations therefore suggesting down moves and correction continuation.
Pre-open Outlook(15-05-2013)
Most of the Asian markets are in Green after strong closing of US and European markets yesterday therefore sentiment is good today morning and some up moves will be seen after positive opening today. Some recovery can not be ruled out today on the back of strong global cues but higher levels selling yesterday therefore expected that finally Nifty will not sustain above 6025 and will slip in the coming sessions.
For next immediate trend confirmations sustaining beyond yesterday trading range should also be watched.