Nifty-Intra Day Chart (03-Oct-2013):-
Technical Patterns and Formations in today intraday charts
1- Sharp up moves in first hour after gap up opening.
2- Last more than 5 hours trading between 5860-5917 with Bearish Rising Channel formations
3- Whole day actual trading between 5810-5917
Closing near the highest of the day after whole day continuous up moves with Bearish Rising Channel formations. Next strong resistance range is between 5896-5938 and today trading below and within this range but without consolidation and above mentioned Bearish pattern formations.
Certainly complete consolidation is required for crossing and sustaining above the top of resistance(5938) but follow up selling and sustaining below 5860 will mean emergence of correction continuation possibility after Pull Back rally(short covering) completion.
As 5 hours Bearish pattern formations below and within resistance range therefore firstly down moves are expected tomorrow but expected that coming sessions will remain range bound between 5701-5938 and Nifty will prepare for next Long Term Trend within this rang
 |
| Just click on chart for its enlarged view |
1- Sharp up moves in first hour after gap up opening.
2- Last more than 5 hours trading between 5860-5917 with Bearish Rising Channel formations
3- Whole day actual trading between 5810-5917
Conclusions from intra day chart analysis
Closing near the highest of the day after whole day continuous up moves with Bearish Rising Channel formations. Next strong resistance range is between 5896-5938 and today trading below and within this range but without consolidation and above mentioned Bearish pattern formations.
Certainly complete consolidation is required for crossing and sustaining above the top of resistance(5938) but follow up selling and sustaining below 5860 will mean emergence of correction continuation possibility after Pull Back rally(short covering) completion.
As 5 hours Bearish pattern formations below and within resistance range therefore firstly down moves are expected tomorrow but expected that coming sessions will remain range bound between 5701-5938 and Nifty will prepare for next Long Term Trend within this rang