Nifty-Intra Day Chart (21-Nov-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6045-6060
2- Down moves in Bullish Falling Channels
3- Whole day actual trading between 5987-6081
As minutes from the latest Federal Reserve meeting revealed that US central bank may cut back its bond-buying programme even if the job market doesn't improve dramatically therefore sentiment depressed and most Global markets turned weak and resultant huge gap down opening and whole day down moves seen in Indian markets. Although higher levels selling patterns formations but Down moves were in Bullish Falling Channels therefore intraday mixed patterns formations and follow up moves within immediate supports(5980) and immediate resistance(6075) should be firstly watched tomorrow for next trend confirmations.
Correction continuation and firstly sustaining beyond 5980-6075 should be watched tomorrow for:-
1- Deeper correction continuation below 5980 or
2- 1st signal of correction completion above 6075.
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1- Selling between 6045-6060
2- Down moves in Bullish Falling Channels
3- Whole day actual trading between 5987-6081
Conclusions from intra day chart analysis
As minutes from the latest Federal Reserve meeting revealed that US central bank may cut back its bond-buying programme even if the job market doesn't improve dramatically therefore sentiment depressed and most Global markets turned weak and resultant huge gap down opening and whole day down moves seen in Indian markets. Although higher levels selling patterns formations but Down moves were in Bullish Falling Channels therefore intraday mixed patterns formations and follow up moves within immediate supports(5980) and immediate resistance(6075) should be firstly watched tomorrow for next trend confirmations.
Correction continuation and firstly sustaining beyond 5980-6075 should be watched tomorrow for:-
1- Deeper correction continuation below 5980 or
2- 1st signal of correction completion above 6075.