Nifty-Intra Day Chart (16-Aug-2012):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5374-5382
2- Buying between 5357-5370
3- Whole day trading between 5357-5390
As good selling at higher levels and minor buying at lower levels therefore firstly down moves are expected and sustaining below 5357 will be very short term correction confirmation to test next support range(5290-5320).
Coming sessions will be range bound between 5290-5390 because good supports are lower levels and good selling seen at higher levels also. Follow up consolidation is must in the coming sessions for decisive up moves above 5400.
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1- Selling between 5374-5382
2- Buying between 5357-5370
3- Whole day trading between 5357-5390
Conclusions from intra day chart analysis
As good selling at higher levels and minor buying at lower levels therefore firstly down moves are expected and sustaining below 5357 will be very short term correction confirmation to test next support range(5290-5320).
Coming sessions will be range bound between 5290-5390 because good supports are lower levels and good selling seen at higher levels also. Follow up consolidation is must in the coming sessions for decisive up moves above 5400.