Nifty-Intra Day Chart (26-Nov-2013):-
Technical Patterns and Formations in today intraday charts
1- Down moves with continuous selling patterns formations.
2- Down moves in Bullish Falling Channel.
3- Whole day actual trading between -
Although down moves with continuous selling patterns formations but in Bullish Falling Channel also therefore today intraday charts are not showing any clear pattern. As strong rally with good intraday consolidation yesterday therefore today down moves will be understood an excise for cooling of heated sentiment and a part of consolidation as well.
Impulsive Wave-3 continuation after correction completion and expected that rally will remain continued in the coming sessions but next strong resistances are between 6186-6212 therefore coming 2/3 sessions may remain sideways between between 5972-6212 and rally may be seen in next derivative month.
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1- Down moves with continuous selling patterns formations.
2- Down moves in Bullish Falling Channel.
3- Whole day actual trading between -
Conclusions from intra day chart analysis
Although down moves with continuous selling patterns formations but in Bullish Falling Channel also therefore today intraday charts are not showing any clear pattern. As strong rally with good intraday consolidation yesterday therefore today down moves will be understood an excise for cooling of heated sentiment and a part of consolidation as well.
Impulsive Wave-3 continuation after correction completion and expected that rally will remain continued in the coming sessions but next strong resistances are between 6186-6212 therefore coming 2/3 sessions may remain sideways between between 5972-6212 and rally may be seen in next derivative month.
Expected that Nifty will firstly prepare for next moves between 6058-6123 and sustaining beyond this range will be next immediate moves confirmation but high possibility of rally continuation above 6123.