Nifty-Intra Day Chart (02-Jul-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5880-5893
2- Whole day actual trading between 5853-5898
As Nifty traded more than 3 hours between 5863-5895 with mixed Patterns(means both buying and selling) yesterday therefore fresh one sided positions was required for decisive moves and Nifty traded most time within this range with selling patterns as well as prepared for next decisive down moves today. Next resistance range is between 5900-5969 and Nifty traded whole day below this range with intraday selling patterns therefore mentioned resistance range has become stronger and today started down moves will remain continued tomorrow.
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1- Selling between 5880-5893
2- Whole day actual trading between 5853-5898
Conclusions from intra day chart analysis
As Nifty traded more than 3 hours between 5863-5895 with mixed Patterns(means both buying and selling) yesterday therefore fresh one sided positions was required for decisive moves and Nifty traded most time within this range with selling patterns as well as prepared for next decisive down moves today. Next resistance range is between 5900-5969 and Nifty traded whole day below this range with intraday selling patterns therefore mentioned resistance range has become stronger and today started down moves will remain continued tomorrow.
As soon as intraday patterns got selling confirmations today then it was updated at 12:14 PM in Mid-session Outlook when Nifty was trading at 5890 and expected that Blog visitors would have built up their trading positions accordingly.