Nifty-Intra Day Chart(07-Feb-2011):-
1- Selling between 5368-5386
2- Mixed Patterns between 5323-5338
3- Whole day trading between 5324-5398
As intraday selling between 5365-5389 on 06-02-2012 therefore folowing lines were told for 07-02-2012 market on 06-02-2012 in very short term correction on 07-02-2012:-
1- "very short term correction and slipping below today trading lows(5330) is expected"
2- "As intraday selling at higher levels therefore consolidation and sustaining above 5389 is must for next up moves confirmations"
Our above both projections proved 100% accurate;-
Nifty could not sustain above 5389 and slipped below 5330 as well as formed intraday low at 5313.35 on 07-02-2012
Intraday selling again seen between 5368-5386 on 07-02-2012 therefore the range of 5365-5389 become stronger resistance. All trends are up and Indian markets are in the hands of Bulls as well as last one hour trading with intraday mixed patterns also seen between 5323-5338 on 07-02-2012 therefore sustaining beyond 5323-5338 should be firstly watched for following conclusions:-
1- Sustaining above 5338 will mean high possibility of correction between sideways market.
2- Sustaining below 5323 will mean short term and deeper correction to test minimum next first support near 5250. As heated overbought market and indicators have also started to show divergences therefore Short Term correction is due and its posibility has turned higher today.
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Technical Patterns and Formations in today intraday charts
1- Selling between 5368-5386
2- Mixed Patterns between 5323-5338
3- Whole day trading between 5324-5398
Conclusions from intra day chart analysis
As intraday selling between 5365-5389 on 06-02-2012 therefore folowing lines were told for 07-02-2012 market on 06-02-2012 in very short term correction on 07-02-2012:-
1- "very short term correction and slipping below today trading lows(5330) is expected"
2- "As intraday selling at higher levels therefore consolidation and sustaining above 5389 is must for next up moves confirmations"
Our above both projections proved 100% accurate;-
Nifty could not sustain above 5389 and slipped below 5330 as well as formed intraday low at 5313.35 on 07-02-2012
Intraday selling again seen between 5368-5386 on 07-02-2012 therefore the range of 5365-5389 become stronger resistance. All trends are up and Indian markets are in the hands of Bulls as well as last one hour trading with intraday mixed patterns also seen between 5323-5338 on 07-02-2012 therefore sustaining beyond 5323-5338 should be firstly watched for following conclusions:-
1- Sustaining above 5338 will mean high possibility of correction between sideways market.
2- Sustaining below 5323 will mean short term and deeper correction to test minimum next first support near 5250. As heated overbought market and indicators have also started to show divergences therefore Short Term correction is due and its posibility has turned higher today.