Nifty-Intra Day Chart (29-Aug-2012):-
Technical Patterns and Formations in today intraday charts
1- Firstly selling between 5320-5327
2- Down moves in Falling Channel
3- Whole day trading between
Conclusions from intra day chart analysis
Firstly selling and after that whole day down moves in falling channel as well as closing near day's lowest yesterday. As intraday selling and closing below 5294(Intermediate Term Trend decider) yesterday therefore sustaining beyond 5294 should be firstly watched in next couple of sessions because sustaining it below will mean 3 weeks to 3 months more down moves possibility.
Pre-open Outlook(30-08-2012)
Although US markets closed flat yesterday but Dow Jones's Futures is more than 40 points down today morning and sentiment turned weaker therefore all Asian markets are trading in Red and some are more than 1% down.
Long term trend is up,Short term Trend is down in on going correction and Intermediate term trend is yet to decide through sustaining beyond 5294,sentiment is weak today morning and firstly trading it below will be seen today after gap down opening. As intraday selling yesterday therefore minimum intraday consolidation is must for any decisive up move and follow up selling after weaker global sentiment will mean testing possibility of Long Term Trend decider 200-Day EMA(today at 5192) and/or 200-Day SMA(today at 5118)
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1- Firstly selling between 5320-5327
2- Down moves in Falling Channel
3- Whole day trading between
Conclusions from intra day chart analysis
Firstly selling and after that whole day down moves in falling channel as well as closing near day's lowest yesterday. As intraday selling and closing below 5294(Intermediate Term Trend decider) yesterday therefore sustaining beyond 5294 should be firstly watched in next couple of sessions because sustaining it below will mean 3 weeks to 3 months more down moves possibility.
Pre-open Outlook(30-08-2012)
Although US markets closed flat yesterday but Dow Jones's Futures is more than 40 points down today morning and sentiment turned weaker therefore all Asian markets are trading in Red and some are more than 1% down.
Conclusions (After Putting All Studies Together)
Long term trend is up,Short term Trend is down in on going correction and Intermediate term trend is yet to decide through sustaining beyond 5294,sentiment is weak today morning and firstly trading it below will be seen today after gap down opening. As intraday selling yesterday therefore minimum intraday consolidation is must for any decisive up move and follow up selling after weaker global sentiment will mean testing possibility of Long Term Trend decider 200-Day EMA(today at 5192) and/or 200-Day SMA(today at 5118)