Nifty-Intra Day Chart (16-Dec-2013):-
Technical Patterns and Formations in today intraday charts
1- Higher levels mixed patterns formations
2- Whole day actual trading between 6147-6183
Most of the time flat to negative zone narrow range trading between 6147-6183 and closing near the lower level after slipping but higher levels mixed patterns formations and genuine selling not seen therefore up moves expectation after correction completion is still alive.
Strong support range (6141-6156) not broken down despite increase in WPI data therefore some supports and consolidation will also be understood today and sustaining beyond 6141-6183 should be firstly watched in the coming sessions for next trend confirmations.
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1- Higher levels mixed patterns formations
2- Whole day actual trading between 6147-6183
Conclusions from intra day chart analysis
Most of the time flat to negative zone narrow range trading between 6147-6183 and closing near the lower level after slipping but higher levels mixed patterns formations and genuine selling not seen therefore up moves expectation after correction completion is still alive.
Strong support range (6141-6156) not broken down despite increase in WPI data therefore some supports and consolidation will also be understood today and sustaining beyond 6141-6183 should be firstly watched in the coming sessions for next trend confirmations.