Nifty-Intra Day Chart (12-Feb-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6096-6106
2- Follow up selling between 6090-6096
3- Down Moves in Bullish Falling Channel in last more than 4 hours.
4- Whole day actual trading between 6078-6106
Although whole day positive zone trading after gap up opening but good selling at higher levels therefore down moves after follow up selling. As down moves were in Bullish Falling Channel and it is consolidation pattern therefore deeper down moves will not be immediately considered and following supports should be watched:-
1- 6053-6065
2- 5966-5992
3- 5963-5975
4- 5934-5954
Immediate resistance ranges are as follows:-
1- 6090-6106(today selling)
2- 6086-6097(Previous resistance)
Long Term trend is up and lower levels above mentioned supports also therefore view is Bullish and rally continuation is still expected despite today closing near the lowest of today. As higher levels selling today therefore some down moves can not be ruled out in the coming session but complete selling is required for decisive down moves because multiple supports at lower levels and should be kept in mind that once sustaining above 6106 will mean strong rally.
As higher levels selling and lower levels supports between 5934-6106 therefore Indian markets will be understood range bound and Nifty will firstly prepare for next trend within or near about this range. Follow up moves and valid break out of this range will be next trend confirmation therefore should be firstly watched in the coming sessions.
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1- Selling between 6096-6106
2- Follow up selling between 6090-6096
3- Down Moves in Bullish Falling Channel in last more than 4 hours.
4- Whole day actual trading between 6078-6106
Conclusions from intra day chart analysis
Although whole day positive zone trading after gap up opening but good selling at higher levels therefore down moves after follow up selling. As down moves were in Bullish Falling Channel and it is consolidation pattern therefore deeper down moves will not be immediately considered and following supports should be watched:-
1- 6053-6065
2- 5966-5992
3- 5963-5975
4- 5934-5954
Immediate resistance ranges are as follows:-
1- 6090-6106(today selling)
2- 6086-6097(Previous resistance)
Long Term trend is up and lower levels above mentioned supports also therefore view is Bullish and rally continuation is still expected despite today closing near the lowest of today. As higher levels selling today therefore some down moves can not be ruled out in the coming session but complete selling is required for decisive down moves because multiple supports at lower levels and should be kept in mind that once sustaining above 6106 will mean strong rally.
As higher levels selling and lower levels supports between 5934-6106 therefore Indian markets will be understood range bound and Nifty will firstly prepare for next trend within or near about this range. Follow up moves and valid break out of this range will be next trend confirmation therefore should be firstly watched in the coming sessions.