Nifty-Intra Day Chart (01-Oct-2012):-
Technical Patterns and Formations in today intraday charts
1- 28 Points narrow range whole day achual trading between 5694-5722
2- Slow up moves
As whole day only slow up moves without clear patterns formations in intraday charts therefore unable to indicate next decisive moves. Following lines were told on 30-09-2012 in Minimum target of Nifty at 5869.15 from Elliot Wave Theory:-
1- All trends are up and previous week was corrective after 12 sessions 505 Nifty points strong rally from 05-09-2012 to 21-09-2012,correction was due after such good up moves and it was seen also in previous week but correction was not deep. As many times Bullish completes correction within narrow range moves and Nifty traded also narrow within 96 between 5639-5735 in last week.
2- Lower levels supports and higher levels selling was seen between 5639-5735 in last week
As both intraday buying and selling was seen in previous week therefore follow up decisive trading was also required therefore following lines were told in above mentioned topic:-
"expected that Nifty will firstly trade and prepare for next moves within this range(5639-5735)"
Nifty will traded and prepared for next moves within already mentioned range between 5694-5722 on 01-10-2012 but intraday charts did not showed clear patterns formations therefore more preparation is required in intraday charts for decisive moves beyond last 6 sessions trading range(5639-5735)
All trends are up and expected that finally on going rally will remain continued but correction is continued from last 6 sessions and firstly correction completion confirmation is required through sustaining above 5735.
Let market prepare for next moves in the coming sessions and next trend will be decided through coming sessions intraday charts formations.Sustaining beyond 5639-5735 should be firstly watched because that will be next decisive moves confirmation
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1- 28 Points narrow range whole day achual trading between 5694-5722
2- Slow up moves
Conclusions from intra day chart analysis
As whole day only slow up moves without clear patterns formations in intraday charts therefore unable to indicate next decisive moves. Following lines were told on 30-09-2012 in Minimum target of Nifty at 5869.15 from Elliot Wave Theory:-
1- All trends are up and previous week was corrective after 12 sessions 505 Nifty points strong rally from 05-09-2012 to 21-09-2012,correction was due after such good up moves and it was seen also in previous week but correction was not deep. As many times Bullish completes correction within narrow range moves and Nifty traded also narrow within 96 between 5639-5735 in last week.
2- Lower levels supports and higher levels selling was seen between 5639-5735 in last week
As both intraday buying and selling was seen in previous week therefore follow up decisive trading was also required therefore following lines were told in above mentioned topic:-
"expected that Nifty will firstly trade and prepare for next moves within this range(5639-5735)"
Nifty will traded and prepared for next moves within already mentioned range between 5694-5722 on 01-10-2012 but intraday charts did not showed clear patterns formations therefore more preparation is required in intraday charts for decisive moves beyond last 6 sessions trading range(5639-5735)
All trends are up and expected that finally on going rally will remain continued but correction is continued from last 6 sessions and firstly correction completion confirmation is required through sustaining above 5735.
Let market prepare for next moves in the coming sessions and next trend will be decided through coming sessions intraday charts formations.Sustaining beyond 5639-5735 should be firstly watched because that will be next decisive moves confirmation
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