Nifty-Intra Day Chart(14-Feb-2012):-
1- Distribution Patterns between 5394-5418
2- Whole day trading between 5381-5428
Although LTP was at the top of the day today after almost whole time positive zone trading but most of the time Distribution Patterns seen between 5394-5418 therefore correction continuation possibility between 5323-5427 is still alive.
Sustaing beyond 5394-5418 will be firstly watched tomorrow and until Nifty will not sustain above 5418 till then further upmove will not be considered and slipping below 5393 will be strong signal of correction continuation and sharp declines possibility as well.
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Technical Patterns and Formations in today intraday charts
1- Distribution Patterns between 5394-5418
2- Whole day trading between 5381-5428
Conclusions from intra day chart analysis
Although LTP was at the top of the day today after almost whole time positive zone trading but most of the time Distribution Patterns seen between 5394-5418 therefore correction continuation possibility between 5323-5427 is still alive.
Sustaing beyond 5394-5418 will be firstly watched tomorrow and until Nifty will not sustain above 5418 till then further upmove will not be considered and slipping below 5393 will be strong signal of correction continuation and sharp declines possibility as well.