Nifty-Intra Day Chart (18-Feb-2014):-
Technical Patterns and Formations in today intraday charts
1- Firstly sharp up moves.
2- Last 5 hours up moves with Bearish Rising Channel.
3- Whole day actual trading between 6067-6141
Firstly sharp up immediately after opening but after that last 5 hours up moves with Bearish Rising Channel therefore some down moves can not be ruled out. Resistances between 6130-6180 and Nifty traded between this range with mentioned Bearish pattern therefore follow up complete consolidation is must for trading above today highest and sustaining above 6180.
As fresh consolidation is required for sustaining above 6180 and it may take 1/2 sessions therefore intraday trading patterns will be firstly watched and then next moves decisive moves will be updated according to intraday charts formations because fresh selling will mean slipping towards next supports range(6045-6065) also.
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1- Firstly sharp up moves.
2- Last 5 hours up moves with Bearish Rising Channel.
3- Whole day actual trading between 6067-6141
Conclusions from intra day chart analysis
Firstly sharp up immediately after opening but after that last 5 hours up moves with Bearish Rising Channel therefore some down moves can not be ruled out. Resistances between 6130-6180 and Nifty traded between this range with mentioned Bearish pattern therefore follow up complete consolidation is must for trading above today highest and sustaining above 6180.
As fresh consolidation is required for sustaining above 6180 and it may take 1/2 sessions therefore intraday trading patterns will be firstly watched and then next moves decisive moves will be updated according to intraday charts formations because fresh selling will mean slipping towards next supports range(6045-6065) also.
Now sustaining beyond 6045-6180 should be watched for next trend confirmation.