Nifty-Intra Day Chart (03-Jun-2013):-
Technical Patterns and Formations in today intraday charts
1- Firstly more than 4 hours down moves in Bullish falling channel
2- Support between 5916-5932
3- Whole day actual trading between 5916-5977
As Supports at lower levels after more than 4 hours down moves in Bullish falling channel therefore an indication of up moves and correction completion also but confirmation is must through sustaining above yesterday lowest(5916).
Follow up moves after lower levels yesterday supports and sustaining beyond 5916 should be firstly watched today for corrective Wave-C continuation/completion.
Pre-open Outlook(04-06-2013)
Asian markets are almost flat today morning despite good up moves in US markets yesterday therefore sentiment is quiet and firstly quiet market is expected. As lower levels consolidation and supports yesterday therefore firstly sustaining beyond yesterday lowest(5916) should be watched for:-
1- Above 5916- Correction completion.
2- Below 5916- Correction continuation toward next immediate target(5841.10)
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1- Firstly more than 4 hours down moves in Bullish falling channel
2- Support between 5916-5932
3- Whole day actual trading between 5916-5977
Conclusions from intra day chart analysis
As Supports at lower levels after more than 4 hours down moves in Bullish falling channel therefore an indication of up moves and correction completion also but confirmation is must through sustaining above yesterday lowest(5916).
Follow up moves after lower levels yesterday supports and sustaining beyond 5916 should be firstly watched today for corrective Wave-C continuation/completion.
Pre-open Outlook(04-06-2013)
Asian markets are almost flat today morning despite good up moves in US markets yesterday therefore sentiment is quiet and firstly quiet market is expected. As lower levels consolidation and supports yesterday therefore firstly sustaining beyond yesterday lowest(5916) should be watched for:-
1- Above 5916- Correction completion.
2- Below 5916- Correction continuation toward next immediate target(5841.10)