Nifty-Intra Day Chart (17-Jun-2013):-
Technical Patterns and Formations in today intraday charts
1- Consolidation and support between-5770-5800
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 5770-5854
Firstly lower levels consolidation and support even after disappointing RBI Credit policy and follow up moves also seen but in Bearish Rising Channel therefore short covering rally possibility can not be ruled out.
Firstly sustaining beyond yesterday highest(5854) should be watched,follow up selling and sustaining below it will mean last Friday started Pull Back rally termination. As good lower levels consolidations in last 4 sessions therefore complete selling patterns are required and side ways market is expected today between yesterday trading range(5770-5854) because market will firstly prepare for next moves within it.
 |
| Just click on chart for its enlarged view |
1- Consolidation and support between-5770-5800
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 5770-5854
Conclusions from intra day chart analysis
Firstly lower levels consolidation and support even after disappointing RBI Credit policy and follow up moves also seen but in Bearish Rising Channel therefore short covering rally possibility can not be ruled out.
Firstly sustaining beyond yesterday highest(5854) should be watched,follow up selling and sustaining below it will mean last Friday started Pull Back rally termination. As good lower levels consolidations in last 4 sessions therefore complete selling patterns are required and side ways market is expected today between yesterday trading range(5770-5854) because market will firstly prepare for next moves within it.