Nifty-Intra Day Chart (17-Dec-2013):-
Technical Patterns and Formations in today intraday charts
1- Higher levels mixed patterns formations
2- Down moves in Bullish Falling Channel within strong support range(6141-6156) in last hours.
3- Whole day actual trading between 6134-6190
Strong opening but not sustaining at higher levels and closing near the lowest levels does not mean that coming sessions will be weak. As higher levels mixed patterns formations and without genuine selling patterns as well as last hours down moves in Bullish Falling Channel therefore up moves expectation after correction completion is very much alive.
Although strong support range(6141-6156) broken down but mentioned Bullish Falling Channel consolidation pattern also seen within and below 6141 therefore its breaking down confirmation is still left. As follow up consolidation seen within mentioned strong support range(6141-6156) therefore up moves hopes after RBI Credit policy is still alive and sustaining beyond 6141 should be firstly watched tomorrow for next trend confirmations.
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1- Higher levels mixed patterns formations
2- Down moves in Bullish Falling Channel within strong support range(6141-6156) in last hours.
3- Whole day actual trading between 6134-6190
Conclusions from intra day chart analysis
Strong opening but not sustaining at higher levels and closing near the lowest levels does not mean that coming sessions will be weak. As higher levels mixed patterns formations and without genuine selling patterns as well as last hours down moves in Bullish Falling Channel therefore up moves expectation after correction completion is very much alive.
Although strong support range(6141-6156) broken down but mentioned Bullish Falling Channel consolidation pattern also seen within and below 6141 therefore its breaking down confirmation is still left. As follow up consolidation seen within mentioned strong support range(6141-6156) therefore up moves hopes after RBI Credit policy is still alive and sustaining beyond 6141 should be firstly watched tomorrow for next trend confirmations.