Nifty-Intra Day Chart (Oct 08 to Oct 16,2012):-
Technical Patterns and Formations in last 7 Sessions intraday charts
1- Selling between 5700-5720
2- Selling between 5720-5733
3- Consolidation between 5639-5664
4- 7 Sessions trading between 5639-5733
600 Nifty points strong rally in 21 sessions from 05-09-2012 to 05-10-2012 and after that its correction in last 7 sessions with intraday Consolidation at lower levels and selling at higher levels with violent volatility also within 5639-5733.
Rally above 5733 after correction completion or deeper correction below 5639 will form next decisive trend after break out of last 7 Sessions trading range. As equally good supports at lower levels before today sharp fall therefore deeper correction confirmation is firstly required tomorrow through sustaining below 5639 but sustaining above 5639 will be confirmation of sideways market also.
Following lines were told on 13.10.2012 in Technical Analysis,Research & Weekly Outlook
(Oct 15 to Oct 19,2012) and being repeated for final conclusions:-
final break out of previous 3 weeks actual trading range(5639-5756) should be firstly watched because that will give confirmation to following decisive moves:-
1- Above 5756 will mean rally continuation after completion of sideways correction.
2- Below 5639 will mean deeper correction after 21 sessions 600 Nifty points strong rally.
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1- Selling between 5700-5720
2- Selling between 5720-5733
3- Consolidation between 5639-5664
4- 7 Sessions trading between 5639-5733
Conclusions from 7 Sessions intra day chart analysis
600 Nifty points strong rally in 21 sessions from 05-09-2012 to 05-10-2012 and after that its correction in last 7 sessions with intraday Consolidation at lower levels and selling at higher levels with violent volatility also within 5639-5733.
Rally above 5733 after correction completion or deeper correction below 5639 will form next decisive trend after break out of last 7 Sessions trading range. As equally good supports at lower levels before today sharp fall therefore deeper correction confirmation is firstly required tomorrow through sustaining below 5639 but sustaining above 5639 will be confirmation of sideways market also.
Following lines were told on 13.10.2012 in Technical Analysis,Research & Weekly Outlook
(Oct 15 to Oct 19,2012) and being repeated for final conclusions:-
final break out of previous 3 weeks actual trading range(5639-5756) should be firstly watched because that will give confirmation to following decisive moves:-
1- Above 5756 will mean rally continuation after completion of sideways correction.
2- Below 5639 will mean deeper correction after 21 sessions 600 Nifty points strong rally.