Nifty-Intra Day Chart (17-Jul-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5973-5988
2- Support between 5926-5935
3- High volatility in last hours
3- Whole day actual trading between 5926-5988
Although Bullish news of 2nd round of FDI reforms but firstly 4 hours selling and after that fast slipping from higher levels. High volatility in last hours and lower levels supports also seen therefore if sentiment does not remain boiling tomorrow morning then Nifty will firstly trade within today trading range and prepare for next trend. As higher levels good selling and lower levels minor supports today therefore down moves possibility is high and it should be kept in mind that once forceful break down or sustaining below 5918 will mean sharp fall possibility after corrective Wave-C confirmation.
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1- Selling between 5973-5988
2- Support between 5926-5935
3- High volatility in last hours
3- Whole day actual trading between 5926-5988
Conclusions from intra day chart analysis
Although Bullish news of 2nd round of FDI reforms but firstly 4 hours selling and after that fast slipping from higher levels. High volatility in last hours and lower levels supports also seen therefore if sentiment does not remain boiling tomorrow morning then Nifty will firstly trade within today trading range and prepare for next trend. As higher levels good selling and lower levels minor supports today therefore down moves possibility is high and it should be kept in mind that once forceful break down or sustaining below 5918 will mean sharp fall possibility after corrective Wave-C confirmation.
As both lower levels supports and higher levels selling between 5926-5988 today therefore firstly valid break out of this range should be watched tomorrow.