Nifty-Intra Day Chart (26-Dec-2013):-
Technical Patterns and Formations in today intraday charts
1- High volatility
2- First 2 hours trading with with Bearish Rising Channel.
3- Selling between 6284-6292
4- Whole day trading between 6260-6302
First 2 hours trading with with Bearish Rising Channel and selling patterns formations also between 6284-6292 therefore following lines were told in Mid-session Outlook at 01:01 PM today:-
1- now trading also near the highest levels of today but some indications of selling today
2- next up moves confirmations will be after valid break out above 6292.
As selling therefore Nifty could not sustain above 6292 and closed below it at 6,278.90. Until Nifty will not sustain above 6292 till then next up move will not be considered and valid break out of today trading range(6260-6302) should also be firstly watched for next immediate moves confirmations because technical positions reversed also in today like highly volatile markets.
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1- High volatility
2- First 2 hours trading with with Bearish Rising Channel.
3- Selling between 6284-6292
4- Whole day trading between 6260-6302
Conclusions from intra day chart analysis
First 2 hours trading with with Bearish Rising Channel and selling patterns formations also between 6284-6292 therefore following lines were told in Mid-session Outlook at 01:01 PM today:-
1- now trading also near the highest levels of today but some indications of selling today
2- next up moves confirmations will be after valid break out above 6292.
As selling therefore Nifty could not sustain above 6292 and closed below it at 6,278.90. Until Nifty will not sustain above 6292 till then next up move will not be considered and valid break out of today trading range(6260-6302) should also be firstly watched for next immediate moves confirmations because technical positions reversed also in today like highly volatile markets.