Nifty-Intra Day Chart (24-Sep-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5908-5938
2- Support between 5854-5890
3- Whole day actual trading between 5854-5938
Correction continuation after 16 sessions 1023 points strong rally with following immediate supports and resistances:-
1- Strong supports between 5779-5896
2- Resistances between 5908-5938
3- Resistances between 6095-6140
As lower levels strong supports and higher levels selling as well as complete selling was required for decisive down moves and deeper correction therefore following topic with detailed technical analysis was posted on 22-09-2013:-
correction begun after 5 Waves formations therefore correction of whole 1023 points rally became due and being seen. As Bull markets complete its correction within sideways moves also therefore firstly sustaining beyond 5779-6140 should be watched because lower levels strong supports within this range.
Although good selling at higher levels but lower levels supports also seen today and strong supports below today trading range also therefore more selling is required for for deeper correction below 5779. Firstly sustaining beyond 5779-5938 should be watched for next trend confirmations and until Nifty is sustaining above 200-Day EMA(today at 5748) till then Long Term up trend will remain intact.
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1- Selling between 5908-5938
2- Support between 5854-5890
3- Whole day actual trading between 5854-5938
Conclusions from intra day chart analysis
Correction continuation after 16 sessions 1023 points strong rally with following immediate supports and resistances:-
1- Strong supports between 5779-5896
2- Resistances between 5908-5938
3- Resistances between 6095-6140
As lower levels strong supports and higher levels selling as well as complete selling was required for decisive down moves and deeper correction therefore following topic with detailed technical analysis was posted on 22-09-2013:-
correction begun after 5 Waves formations therefore correction of whole 1023 points rally became due and being seen. As Bull markets complete its correction within sideways moves also therefore firstly sustaining beyond 5779-6140 should be watched because lower levels strong supports within this range.
Although good selling at higher levels but lower levels supports also seen today and strong supports below today trading range also therefore more selling is required for for deeper correction below 5779. Firstly sustaining beyond 5779-5938 should be watched for next trend confirmations and until Nifty is sustaining above 200-Day EMA(today at 5748) till then Long Term up trend will remain intact.