Nifty-Intra Day Chart (May 16 to May 20,2013):-
Technical Patterns and Formations in last 3 Sessions intraday charts
1- Selling between 6176-6186 on 16-05-2013
2- Good consolidation between 6147-6165 on 17-05-2013
3- Selling between 6221-6229 on 20-05-2013
4- 3 Sessions actual trading between 6146-6229
As selling developed immediately after opening today therefore following lines were told at:-
1- 11:46 AM- "Selling patterns formations between 6221-6229 today"
2- 12:04 PM- " Next immediate moves preparations will be done between 6147-6229"
Selling was told between 6221-6229 and Nifty could not move above 6229 as well as slipped sharply after our Outlook and Nifty traded whole day within our mentioned trading range(6147-6229) also.
Yesterday lowest was at 6,146.05 and highest at 6,229.45.
Indicators are showing negative divergence in Overbought zone and Short Term correction is very much due but complete selling patterns are required on EOD charts for its beginning. Intraday or very Short term correction can be seen any day in heated yesterday market and it was seen also but let follow up selling develop and Nifty to sustain below next immediate support(6147) then Short Term correction will be considered.
3 Sessions actual trading between 6146-6229 with lower levels good consolidation last Friday and higher levels selling also therefore mixed patterns and sustaining beyond 3 Sessions range should be firstly watched today for the beginning of Short Term correction below 6146 or rally continuation above 6229.
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1- Selling between 6176-6186 on 16-05-2013
2- Good consolidation between 6147-6165 on 17-05-2013
3- Selling between 6221-6229 on 20-05-2013
4- 3 Sessions actual trading between 6146-6229
Conclusions from 3 Sessions intra day chart analysis
As selling developed immediately after opening today therefore following lines were told at:-
1- 11:46 AM- "Selling patterns formations between 6221-6229 today"
2- 12:04 PM- " Next immediate moves preparations will be done between 6147-6229"
Selling was told between 6221-6229 and Nifty could not move above 6229 as well as slipped sharply after our Outlook and Nifty traded whole day within our mentioned trading range(6147-6229) also.
Yesterday lowest was at 6,146.05 and highest at 6,229.45.
Indicators are showing negative divergence in Overbought zone and Short Term correction is very much due but complete selling patterns are required on EOD charts for its beginning. Intraday or very Short term correction can be seen any day in heated yesterday market and it was seen also but let follow up selling develop and Nifty to sustain below next immediate support(6147) then Short Term correction will be considered.
3 Sessions actual trading between 6146-6229 with lower levels good consolidation last Friday and higher levels selling also therefore mixed patterns and sustaining beyond 3 Sessions range should be firstly watched today for the beginning of Short Term correction below 6146 or rally continuation above 6229.