Nifty-Intra Day Chart (Oct 19 to Oct 23,2012):-
Technical Patterns and Formations in last 3 Sessions intraday charts
1- More than 10 hours trading with intraday selling patterns between 5692-5721 in last 3 sessions.
2- Closing below 5692 on 23-10-2012
Last 3 sessions Outlooks are live proofs of this fact that we started to tell about selling from 10:08 AM on 19-10-2012 and repeated again and again in the last 3 sessions Outlooks.
Short Term Trend is sideways after 21 Sessions most time trading between 5639-5733 with higher levels good selling between 5692-5733 therefore firstly down moves are expected in the coming session but good supports near 5639 also. Although testing of 5639 can not be ruled out but forceful break down or sustaining below 5639 is must for deeper correction.
As good selling between 5692-5721 in last 3 sessions therefore Nifty closed below 5692 today and more down are also expected towards 5639 in the coming sessions. Sustaining below 5639 will mean breaking down of 21 Sessions trading range. Strong supports near 5639 and let Nifty sustain below 5639 then its repercussions will be updated which has already been indicated also in following topic on 21-10-2012:-
Big Moves are Ripe after 19 Sideways Sessions
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1- More than 10 hours trading with intraday selling patterns between 5692-5721 in last 3 sessions.
2- Closing below 5692 on 23-10-2012
Conclusions from 3 Sessions intra day chart analysis
Last 3 sessions Outlooks are live proofs of this fact that we started to tell about selling from 10:08 AM on 19-10-2012 and repeated again and again in the last 3 sessions Outlooks.
Short Term Trend is sideways after 21 Sessions most time trading between 5639-5733 with higher levels good selling between 5692-5733 therefore firstly down moves are expected in the coming session but good supports near 5639 also. Although testing of 5639 can not be ruled out but forceful break down or sustaining below 5639 is must for deeper correction.
As good selling between 5692-5721 in last 3 sessions therefore Nifty closed below 5692 today and more down are also expected towards 5639 in the coming sessions. Sustaining below 5639 will mean breaking down of 21 Sessions trading range. Strong supports near 5639 and let Nifty sustain below 5639 then its repercussions will be updated which has already been indicated also in following topic on 21-10-2012:-
Big Moves are Ripe after 19 Sideways Sessions