Nifty-Intra Day Chart(07-Mar-2012):-
Technical Patterns and Formations in today intraday charts
1- Selling at higher levels.
2- Down moves in Falling Channel.
3- Support at lower levels.
4- Falling channel upward break out.
5- Whole day trading between 5172-5243
Long term trend is up,Intermediate and Short term trends are down. Retracement in the form of Intermediate term correction is continued and 38.2% Retracement has been completed at 5209 today. Nifty slipped below 200-Day EMA(5189) but got intraday support and closed above it today and should be kept in mind that sustaining it below will mean Long term trend turning down.
Selling at higher levels and after that down moves in Falling channel which was broken out also after lower levels intraday support. Although complete consolidation is required after good selling at higher levels in previous weeks but intraday support at 200-Day EMA therefore today trading range break out will be firstly watched in the coming sessions for next moves first indication and follow up buying/selling as well as sustaining beyond 200-Day EMA will give confirmation of correction completion/continuation.
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1- Selling at higher levels.
2- Down moves in Falling Channel.
3- Support at lower levels.
4- Falling channel upward break out.
5- Whole day trading between 5172-5243
Conclusions from intra day chart analysis
Long term trend is up,Intermediate and Short term trends are down. Retracement in the form of Intermediate term correction is continued and 38.2% Retracement has been completed at 5209 today. Nifty slipped below 200-Day EMA(5189) but got intraday support and closed above it today and should be kept in mind that sustaining it below will mean Long term trend turning down.
Selling at higher levels and after that down moves in Falling channel which was broken out also after lower levels intraday support. Although complete consolidation is required after good selling at higher levels in previous weeks but intraday support at 200-Day EMA therefore today trading range break out will be firstly watched in the coming sessions for next moves first indication and follow up buying/selling as well as sustaining beyond 200-Day EMA will give confirmation of correction completion/continuation.