Nifty-Intra Day Chart (11-Mar-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 65424-6562.
2- Last more than 4 hours down moves in Bullish Falling Channel formation.
3- Whole day actual trading between 6494-6562.
All trends are up and Short Term indicators are overbought therefore emergence of Short Term Correction possibility. It should be kept in mind that market require complete selling patterns formations for any decisive deeper down moves and some times Bullish markets complete its correction in sideways moves at higher levels or with small down moves also.
Although higher levels some selling but last more than 4 hours down moves in Bullish Falling Channel formation also today therefore a signal of correction completion within side ways moves because good consolidation seen at lower levels yesterday also. Last 2 sessions trading between 6487-6562 with lower levels good consolidation and supports and some selling at higher levels also therefore mixed trading patterns formations in previous 2 sessions,follow up moves with sustaining beyond this range will be next decisive moves confirmation and should be firstly watched in the coming sessions.
 |
| Just click on chart for its enlarged view |
1- Selling between 65424-6562.
2- Last more than 4 hours down moves in Bullish Falling Channel formation.
3- Whole day actual trading between 6494-6562.
Conclusions from intra day chart analysis
All trends are up and Short Term indicators are overbought therefore emergence of Short Term Correction possibility. It should be kept in mind that market require complete selling patterns formations for any decisive deeper down moves and some times Bullish markets complete its correction in sideways moves at higher levels or with small down moves also.
Although higher levels some selling but last more than 4 hours down moves in Bullish Falling Channel formation also today therefore a signal of correction completion within side ways moves because good consolidation seen at lower levels yesterday also. Last 2 sessions trading between 6487-6562 with lower levels good consolidation and supports and some selling at higher levels also therefore mixed trading patterns formations in previous 2 sessions,follow up moves with sustaining beyond this range will be next decisive moves confirmation and should be firstly watched in the coming sessions.