Nifty-Intra Day Chart (May 28 & May 29,2013):-
Just click on chart for its enlarged view
Technical Patterns and Formations in last 2 Sessions intraday charts
1- Up moves in Bearish Rising channel on 28-05-2013.
2- Firstly selling between 6097-6105 on 29-05-2013
3- 3 Times down moves in Bullish Falling Channel on 29-05-2013
4- 3 Times higher Bottom formations on 29-05-2013
5- 2 Sessions actual trading between 6056-6127.
Up moves in Bearish Rising channel yesterday weakness was projected for today and that was seen also and Indian markets traded most time in Red today but lower levels supports also developed because:-
1- down moves after 12:00 PM were not showing required force.
2- 3 Times higher Bottom formations.
3- No weakness despite European markets sharp down moves.
Indian Rupee moved toward record lows but Indian markets did not reacted negative and got supports at lower levels as well as closed almost flat today. It is clear that both buying and selling patterns formations in last 2 sessions and one sided trading positions have not been built up therefore follow up moves and valid break out last 2 sessions trading range(6056-6127) should be firstly watched tomorrow for next trend confirmations.
Technical Patterns and Formations in last 2 Sessions intraday charts
1- Up moves in Bearish Rising channel on 28-05-2013.
2- Firstly selling between 6097-6105 on 29-05-2013
3- 3 Times down moves in Bullish Falling Channel on 29-05-2013
4- 3 Times higher Bottom formations on 29-05-2013
5- 2 Sessions actual trading between 6056-6127.
Conclusions from 2 Sessions intra day chart analysis
Up moves in Bearish Rising channel yesterday weakness was projected for today and that was seen also and Indian markets traded most time in Red today but lower levels supports also developed because:-
1- down moves after 12:00 PM were not showing required force.
2- 3 Times higher Bottom formations.
3- No weakness despite European markets sharp down moves.
Indian Rupee moved toward record lows but Indian markets did not reacted negative and got supports at lower levels as well as closed almost flat today. It is clear that both buying and selling patterns formations in last 2 sessions and one sided trading positions have not been built up therefore follow up moves and valid break out last 2 sessions trading range(6056-6127) should be firstly watched tomorrow for next trend confirmations.