Nifty-Intra Day Chart (11-Nov-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6105-6140
2- Bearish Head and Shoulders formations and its Neckline at 6094 broken down.
3- Whole day actual trading between 6068-6140
As better than expected jobs report in USA last Friday therefore its negative impact seen on Indian markets today and resultant USDINR closed 1.15% weak and Nifty also closed 1.42% down today. Correction of Wave-3 was on and it turned deeper today after fresh selling at higher levels with Bearish Head and Shoulders formations as well as broken down of its Neckline at 6094.
 |
| Just click on chart for its enlarged view |
1- Selling between 6105-6140
2- Bearish Head and Shoulders formations and its Neckline at 6094 broken down.
3- Whole day actual trading between 6068-6140
Conclusions from intra day chart analysis
As better than expected jobs report in USA last Friday therefore its negative impact seen on Indian markets today and resultant USDINR closed 1.15% weak and Nifty also closed 1.42% down today. Correction of Wave-3 was on and it turned deeper today after fresh selling at higher levels with Bearish Head and Shoulders formations as well as broken down of its Neckline at 6094.
Follow up selling after gap down opening today and Bearish Head and Shoulders pattern formations today therefore correction continuation is expected in the coming sessions.