Nifty-Intra Day Chart (15-Jul-2013):-
Technical Patterns and Formations in today intraday charts
1- Support between 5980-6000
2- Up moves in Bearish Rising Channel.
3- Last 3 hours trading between 6023-6034 with mixed trading patterns formations
3- Whole day actual trading between 5980-6038
Next resistances are as follows:-
1- 6040-6061
2- 6072-6130(Strong resistance range)
Up moves in Bearish Rising Channel after lower levels supports and last 3 hours trading between 6023-6034 with mixed trading patterns formations. It means that selling also seen in last 3 hours after Bearish Rising Channel formations therefore emergence of 1st selling indication today. As selling indication just below next resistance range(6040-6061) therefore if follow up selling develops in the coming session then very short term down moves will be considered.
Corrective Wave-C beginning possibility turned alive today but lot of selling patterns are required in intraday and Daily charts for decisive down trend and should be firstly watched in the coming sessions. Following ranges valid break out should be also be watched tomorrow for next moves first strong indication:-
1- 6023-6038
2- 5980-6038
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1- Support between 5980-6000
2- Up moves in Bearish Rising Channel.
3- Last 3 hours trading between 6023-6034 with mixed trading patterns formations
3- Whole day actual trading between 5980-6038
Conclusions from intra day chart analysis
Next resistances are as follows:-
1- 6040-6061
2- 6072-6130(Strong resistance range)
Up moves in Bearish Rising Channel after lower levels supports and last 3 hours trading between 6023-6034 with mixed trading patterns formations. It means that selling also seen in last 3 hours after Bearish Rising Channel formations therefore emergence of 1st selling indication today. As selling indication just below next resistance range(6040-6061) therefore if follow up selling develops in the coming session then very short term down moves will be considered.
Corrective Wave-C beginning possibility turned alive today but lot of selling patterns are required in intraday and Daily charts for decisive down trend and should be firstly watched in the coming sessions. Following ranges valid break out should be also be watched tomorrow for next moves first strong indication:-
1- 6023-6038
2- 5980-6038