Nifty-Intra Day Chart (10-Oct-2012):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5676-5685
2- Whole day down moves in falling channel.
3- Whole day acual trading between 5648-5685
Conclusions from intra day chart analysis
Strong support range(5639-5680) was updated in all previous outlooks and Nifty traded between this range most time today. Although minor selling seen at higher levels today but whole day down moves were in falling channel which is consolidation pattern also. As this patterns formation is within strong support range therefore correction completion possibility within this range will also be considered as well as deeper correction confirmation will be after sustaining below 5639.
As Nifty closed near the lows of the day today(5652) which is just above the lowest(5639) of strong support range therefore firstly sustaining beyond 5639 should be firstly watched tomorrow becauce it will decide the length and longevity of on going correction.
Although US markets are trading in Red with moderate losses at this moment but its final impact on Indian markets will be finalised after watching of final closing of US markets and tomorrow Asian markets reaction on US markets of today.
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1- Selling between 5676-5685
2- Whole day down moves in falling channel.
3- Whole day acual trading between 5648-5685
Conclusions from intra day chart analysis
Strong support range(5639-5680) was updated in all previous outlooks and Nifty traded between this range most time today. Although minor selling seen at higher levels today but whole day down moves were in falling channel which is consolidation pattern also. As this patterns formation is within strong support range therefore correction completion possibility within this range will also be considered as well as deeper correction confirmation will be after sustaining below 5639.
As Nifty closed near the lows of the day today(5652) which is just above the lowest(5639) of strong support range therefore firstly sustaining beyond 5639 should be firstly watched tomorrow becauce it will decide the length and longevity of on going correction.
Although US markets are trading in Red with moderate losses at this moment but its final impact on Indian markets will be finalised after watching of final closing of US markets and tomorrow Asian markets reaction on US markets of today.