Nifty-Intra Day Chart (15-May-2013):-
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Technical Patterns and Formations in today intraday charts
1- Whole day strong rally.
2- Higher levels narrow range trading between 6105-6125 with consolidation indications.
3- Whole day actual trading between 6031-6152
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Conclusions from intra day chart analysis
All trends are up and Whole day strong rally yesterday after RBI governor ststement that he has taken note of falling inflation, reinforcing bets about future rate cuts. Running Bullish rally is very much on and such types of rally runs fast despite overbought negative divergence showing indicators as well as correct after higher levels consolidations therefore until complete selling patterns will not form on EOD charts till then any deeper correction will not be considered.
As strong up moves yesterday therefore some intraday corrections may be seen today but higher levels narrow range trading between 6105-6125 with consolidation indications yesterday therefore firstly sustaining beyond this range should be watched for the confirmations of:-
1- Rally continuation without any correction above 6125 or
2- Very short term correction below 6105 and until clear intraday selling patterns will not develop till then only such correction will be considered. .
