Nifty-Intra Day Chart (05-Dec-2013):-
Technical Patterns and Formations in today intraday charts
1- Bullish Falling Channel formations in whole day down moves.
2- Whole day actual trading between 6232-6300.
As Exit Poll results showed BJP victory will be with good gains on next Sunday and emergence of strong,economic growth oriented Govt.formation possibility after Parliament Election next year under the leadership of Shri Narendra Modi therefore huge gap up opening today. Good selling in previous 3 sessions below 6228 therefore consolidation was required and it was seen today through higher levels continuous down moves in Bullish Falling Channel.
Impulsive Wave-3 is on,all trends are up and Rally continuation towards 6724.60 therefore market showed as such enthusiasm today after first strong signal of stable union Govt. possibility in 2014. As market showed higher levels consolidation after huge gap up opening therefore today started rally continuation is expected in the coming sessions and weeks.
 |
| Just click on chart for its enlarged view |
1- Bullish Falling Channel formations in whole day down moves.
2- Whole day actual trading between 6232-6300.
Conclusions from intra day chart analysis
As Exit Poll results showed BJP victory will be with good gains on next Sunday and emergence of strong,economic growth oriented Govt.formation possibility after Parliament Election next year under the leadership of Shri Narendra Modi therefore huge gap up opening today. Good selling in previous 3 sessions below 6228 therefore consolidation was required and it was seen today through higher levels continuous down moves in Bullish Falling Channel.
Impulsive Wave-3 is on,all trends are up and Rally continuation towards 6724.60 therefore market showed as such enthusiasm today after first strong signal of stable union Govt. possibility in 2014. As market showed higher levels consolidation after huge gap up opening therefore today started rally continuation is expected in the coming sessions and weeks.