Nifty-Intra Day Chart (23-Jan-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 6325-6335
2- Up moves with consolidations.
3- Whole day actual trading between 6325-6355
Although all the Global markets were in negative zone and some were in deep Red as well as Dow Futures was also down by more than 70 points but Indian markets outperformed and traded first 3 hours with minor losses. As firstly lower levels and after that up moves in consolidation patterns therefore emergence of rally continuation hopes.
Wave-v of Wave-3 is on for next rally above all time high but this Wave has not shown required strength and turned range bound because next Union Govt. stability after Parliamentary Elections had turned doubtful due to BJP votes cutting by Aam Admi Party and resultant expectations of weaker Government formations after Union Elections-2014. As Aam Admi Party popularity has reduced sharply due to Arvind Kejriwal's dharna and his governance incompetency therefore again emergence of strong Government formations under the leadership on Narendra Modi and resultant Indian markets has started to show strength and started higher levels consolidations.
26 sessions trading between 6130-6415 with following Resistances positions:-
1- 1st Resistance between 6324-6356
2- 2nd Resistance between 6360-6387
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1- Consolidation between 6325-6335
2- Up moves with consolidations.
3- Whole day actual trading between 6325-6355
Conclusions from intra day chart analysis
Although all the Global markets were in negative zone and some were in deep Red as well as Dow Futures was also down by more than 70 points but Indian markets outperformed and traded first 3 hours with minor losses. As firstly lower levels and after that up moves in consolidation patterns therefore emergence of rally continuation hopes.
Wave-v of Wave-3 is on for next rally above all time high but this Wave has not shown required strength and turned range bound because next Union Govt. stability after Parliamentary Elections had turned doubtful due to BJP votes cutting by Aam Admi Party and resultant expectations of weaker Government formations after Union Elections-2014. As Aam Admi Party popularity has reduced sharply due to Arvind Kejriwal's dharna and his governance incompetency therefore again emergence of strong Government formations under the leadership on Narendra Modi and resultant Indian markets has started to show strength and started higher levels consolidations.
26 sessions trading between 6130-6415 with following Resistances positions:-
1- 1st Resistance between 6324-6356
2- 2nd Resistance between 6360-6387
1st Resistance(6356) has almost been cleared today with today highest formation at 6355.60 but more follow up consolidation is required and once sustaining above 6387 will mean Wave-v of Wave-3 continuation above all time high.