Nifty-Intra Day Chart (14-Aug-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling at higher levels
2- Lower levels supports.
3- Up moves in Bearish Rising Channels.
3- Whole day actual trading between 5690-5794
Although whole day up moves after lower levels supports and closing near the higher levels of the day but up moves in Bearish Rising Channels and higher levels selling patterns formations also therefore valid break out of today trading range(5690-5794) should be firstly watched in the coming sessions. As both higher levels selling and up moves in Bearish Rising Channels therefore high possibility of today trading range breaking down and once sustaining below today lowest(5690) will mean termination of on going Pull Back Rally because Bearish patterns were seen on 13-08-2013 also through Whole day up moves in Bearish Rising Channel.
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1- Selling at higher levels
2- Lower levels supports.
3- Up moves in Bearish Rising Channels.
3- Whole day actual trading between 5690-5794
Conclusions from intra day chart analysis
Although whole day up moves after lower levels supports and closing near the higher levels of the day but up moves in Bearish Rising Channels and higher levels selling patterns formations also therefore valid break out of today trading range(5690-5794) should be firstly watched in the coming sessions. As both higher levels selling and up moves in Bearish Rising Channels therefore high possibility of today trading range breaking down and once sustaining below today lowest(5690) will mean termination of on going Pull Back Rally because Bearish patterns were seen on 13-08-2013 also through Whole day up moves in Bearish Rising Channel.