Nifty-Intra Day Chart (30-Dec-2013):-
Technical Patterns and Formations in today intraday charts
1- Higher levels selling immediately after opening.
2- Most time trading in first 5 hours between 6290-6309.
3- Selling patterns formation between 6300-6309.
4- Bullish Falling Channel pattern formation.
5- Down moves without required force.
6- Support between 6274-6287.
7- Whole day actual trading between 6274-6344.
As intraday selling patterns formation between 6314-6324 last Friday therefore slipping below 6304 was told same day and it was seen today after follow up selling at higher levels today but Bullish pattern formation and lower levels supports also seen today therefore sustaining beyond today trading range should be firstly watched for next immediate moves confirmations because:-
1- Both intraday buying and selling patterns formation seen today.
2- Although selling in previous week but buying patterns seen above those selling levels today.
All trends are up,impulsive Wave-3 is on and Bull markets consolidate also at higher levels therefore firstly sustaining beyond today trading range(6274-6344) will give next immediate moves confirmation and finally sustaining beyond 6130-6415 will give next big trend confirmation. Follow up intraday moves in the coming sessions will be watched for first indication of next moves and will be updated in Mid-session Outlooks as being done for the last more than 3 years.
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1- Higher levels selling immediately after opening.
2- Most time trading in first 5 hours between 6290-6309.
3- Selling patterns formation between 6300-6309.
4- Bullish Falling Channel pattern formation.
5- Down moves without required force.
6- Support between 6274-6287.
7- Whole day actual trading between 6274-6344.
Conclusions from intra day chart analysis
As intraday selling patterns formation between 6314-6324 last Friday therefore slipping below 6304 was told same day and it was seen today after follow up selling at higher levels today but Bullish pattern formation and lower levels supports also seen today therefore sustaining beyond today trading range should be firstly watched for next immediate moves confirmations because:-
1- Both intraday buying and selling patterns formation seen today.
2- Although selling in previous week but buying patterns seen above those selling levels today.
All trends are up,impulsive Wave-3 is on and Bull markets consolidate also at higher levels therefore firstly sustaining beyond today trading range(6274-6344) will give next immediate moves confirmation and finally sustaining beyond 6130-6415 will give next big trend confirmation. Follow up intraday moves in the coming sessions will be watched for first indication of next moves and will be updated in Mid-session Outlooks as being done for the last more than 3 years.