Nifty-Intra Day Chart (24-Jun-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5617-5635
2- Consolidation and support between 5603-5612
3- First 4 hours sideways trading
4- Down moves after sharp fall in all European markets and US Futures.
5- Whole day actual trading between 5568-5735
First 4 hours sideways trading with higher levels selling and lower levels consolidation and support but lower levels broken down and down moves seen after sharp fall in all European markets and US Futures.
Correction is very much on and crashing Global markets as well as quake like situation in all Global Financial Markets therefore no relief for Bulls and following lines are being repeated which were told on 20-06-2013 in "Tsunami in Global Financial Markets"
Let thunder stop and allow market to complete its consolidation on daily charts then trend reversal will be seen but bounce back or Pull Back rally may be seen any time after some intraday consolidations and supports.
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1- Selling between 5617-5635
2- Consolidation and support between 5603-5612
3- First 4 hours sideways trading
4- Down moves after sharp fall in all European markets and US Futures.
5- Whole day actual trading between 5568-5735
Conclusions from intra day chart analysis
First 4 hours sideways trading with higher levels selling and lower levels consolidation and support but lower levels broken down and down moves seen after sharp fall in all European markets and US Futures.
Correction is very much on and crashing Global markets as well as quake like situation in all Global Financial Markets therefore no relief for Bulls and following lines are being repeated which were told on 20-06-2013 in "Tsunami in Global Financial Markets"
It should be kept in mind that buying in such type of market is like catching falling knife and resultant hand full of one's own blood therefore long positions should be created after complete consolidations.
Let thunder stop and allow market to complete its consolidation on daily charts then trend reversal will be seen but bounce back or Pull Back rally may be seen any time after some intraday consolidations and supports.