Nifty-Intra Day Chart (29-Oct-2013):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 6100-6148.
2- Mixed Patterns between 6188-6224 in last 3 hours.
3- Whole day actual trading between 6079-6224.
Strong rally after good lower levels consolidations but mixed Patterns formations also seen in last 3 hours therefore firstly consolidation is required for next decisive up moves.
Next resistances are between 6230-6251 and sustaining above 6251 will mean strong rally towards all time high but very short Term trend turned overbought after today strong rally therefore more consolidation is firstly required tomorrow for valid break out above 6251 because mixed Patterns formations were also seen in last 3 hours today.
Much up moves are not firstly expected tomorrow and market will consolidate but high possibility of rally continuation in the coming sessions after follow up consolidations because All trends are up and impulsive Wave-3 continuation towards 6724.60 after very short Term correction today.
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1- Consolidation between 6100-6148.
2- Mixed Patterns between 6188-6224 in last 3 hours.
3- Whole day actual trading between 6079-6224.
Conclusions from intra day chart analysis
Strong rally after good lower levels consolidations but mixed Patterns formations also seen in last 3 hours therefore firstly consolidation is required for next decisive up moves.
Next resistances are between 6230-6251 and sustaining above 6251 will mean strong rally towards all time high but very short Term trend turned overbought after today strong rally therefore more consolidation is firstly required tomorrow for valid break out above 6251 because mixed Patterns formations were also seen in last 3 hours today.
Much up moves are not firstly expected tomorrow and market will consolidate but high possibility of rally continuation in the coming sessions after follow up consolidations because All trends are up and impulsive Wave-3 continuation towards 6724.60 after very short Term correction today.