Nifty-Intra Day Chart (06-Feb-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6037-6048
2- Consolidation between 5966-5992
3- Mixed Patterns between 6024-6040
4- Whole day actual trading between 5966-6048
Conclusions from intra day chart analysis
Although sharp down moves after Some selling at higher levels but continuous up moves also in last 5 hours with lower levels good consolidation therefore rally continuation is expected after some more higher levels consolidation because mixed Patterns also seen between 6024-6040.
Nifty-Intra Day Chart (Feb 03 to Feb 06,2014):-
Technical Patterns and Formations in last 4 Sessions intraday charts
1- Lower levels supports with higher bottom formations in last 3 sessions.
2- Selling at higher levels
3- Hovering around Long Term trends decider 200-Day EMA(today at 6000) for the last 4 sessions.
Conclusions from 4 Sessions intra day chart analysis
Although some selling at higher levels in last 4 sessions but lower levels good consolidation and supports with higher bottom formations in last 3 sessions also therefore it is clear that Indian markets gained strength near about 200-Day EMA(today at 6000) for the last 4 sessions. As Nifty hovered around 200-Day EMA(today at 6000) and closed above it also in last 4 sessions therefore more selling in required for valid break out of 200-Day EMA and until Nifty will not sustain below 5934 till then next decisive down moves will not be considered.
Today started rally continuation is expected in the coming sessions and correction completion strong indication will be after sustaining above next immediate resistance range(6059-6074)
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| Just click on chart for its enlarged view |
1- Selling between 6037-6048
2- Consolidation between 5966-5992
3- Mixed Patterns between 6024-6040
4- Whole day actual trading between 5966-6048
Conclusions from intra day chart analysis
Although sharp down moves after Some selling at higher levels but continuous up moves also in last 5 hours with lower levels good consolidation therefore rally continuation is expected after some more higher levels consolidation because mixed Patterns also seen between 6024-6040.
Nifty-Intra Day Chart (Feb 03 to Feb 06,2014):-
 |
| Just click on chart for its enlarged view |
1- Lower levels supports with higher bottom formations in last 3 sessions.
2- Selling at higher levels
3- Hovering around Long Term trends decider 200-Day EMA(today at 6000) for the last 4 sessions.
Conclusions from 4 Sessions intra day chart analysis
Although some selling at higher levels in last 4 sessions but lower levels good consolidation and supports with higher bottom formations in last 3 sessions also therefore it is clear that Indian markets gained strength near about 200-Day EMA(today at 6000) for the last 4 sessions. As Nifty hovered around 200-Day EMA(today at 6000) and closed above it also in last 4 sessions therefore more selling in required for valid break out of 200-Day EMA and until Nifty will not sustain below 5934 till then next decisive down moves will not be considered.
Conclusions (After Putting All Studies Together)
Today started rally continuation is expected in the coming sessions and correction completion strong indication will be after sustaining above next immediate resistance range(6059-6074)