Nifty-Intra Day Chart (25-Sep-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5895-5910
2- Consolidation between 5811-5835
3- Mixed Patterns between 5857-5885
3- Whole day actual trading between 5811-5910
Correction continuation and firstly down moves after higher levels selling but lower levels good consolidation also seen today. As today consolidation is between the lower levels of previous support range(5779-5896) therefore previous lower levels supports have been strengthened but higher levels selling also seen above this range therefore sustaining beyond mentioned support range(5779-5896) should be firstly watched in the coming sessions.
All trends are up but higher levels continuous selling for the last 5 sessions therefore Nifty is well poised for deeper correction also but immediate strong supports lying at lower levels between 5779-5835 therefore follow up complete selling is required in the coming sessions for sustaining below 5779.
Mixed Patterns formation in last hour between 5857-5885 today therefore sustaining beyond this range will be next moves 1st signal but it should be kept in mind that next big trend will be decided by valid break out of previous 12 sessions trading range(5779-6140).
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1- Selling between 5895-5910
2- Consolidation between 5811-5835
3- Mixed Patterns between 5857-5885
3- Whole day actual trading between 5811-5910
Conclusions from intra day chart analysis
Correction continuation and firstly down moves after higher levels selling but lower levels good consolidation also seen today. As today consolidation is between the lower levels of previous support range(5779-5896) therefore previous lower levels supports have been strengthened but higher levels selling also seen above this range therefore sustaining beyond mentioned support range(5779-5896) should be firstly watched in the coming sessions.
All trends are up but higher levels continuous selling for the last 5 sessions therefore Nifty is well poised for deeper correction also but immediate strong supports lying at lower levels between 5779-5835 therefore follow up complete selling is required in the coming sessions for sustaining below 5779.
Mixed Patterns formation in last hour between 5857-5885 today therefore sustaining beyond this range will be next moves 1st signal but it should be kept in mind that next big trend will be decided by valid break out of previous 12 sessions trading range(5779-6140).
It is clear that Indian markets are not prepared for any side decisive break out and will remain sideways tomorrow as well as prepare for next trend. As supports below 5835 and resistances above 5905 therefore current month expiry is expected within 5835-5905 tomorrow.