Nifty-Intra Day Chart (17-Oct-2012):-
Technical Patterns and Formations in today intraday charts
1- Minor selling between 5656-5670
2- Down moves in Falling Channel.
3- Support between 5634-5646.
4- Whole day intraday consolidations patterns
5- Whole day acual trading between 5634-574
Firstly down moves in Falling Channel after minor selling at higher levels and intraday supports also at lower levels. Although crucial support of 5639 broken but got support just below at 5634 and Whole day intraday patterns are showing consolidation formations also therefore supports strengthened near 5639.
Nifty traded most time between 5639-5733 in last 18 sessions and correcting sideways after 600 Nifty points strong rally in 21 sessions from 05-09-2012 to 05-10-2012. As Whole day intraday patterns are showing consolidation formations with lower levels good supports today therefore expected that on going range bound sideways correction(5634-5733) will remain continued tomorrow.
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1- Minor selling between 5656-5670
2- Down moves in Falling Channel.
3- Support between 5634-5646.
4- Whole day intraday consolidations patterns
5- Whole day acual trading between 5634-574
Conclusions from intra day chart analysis
Firstly down moves in Falling Channel after minor selling at higher levels and intraday supports also at lower levels. Although crucial support of 5639 broken but got support just below at 5634 and Whole day intraday patterns are showing consolidation formations also therefore supports strengthened near 5639.
Nifty traded most time between 5639-5733 in last 18 sessions and correcting sideways after 600 Nifty points strong rally in 21 sessions from 05-09-2012 to 05-10-2012. As Whole day intraday patterns are showing consolidation formations with lower levels good supports today therefore expected that on going range bound sideways correction(5634-5733) will remain continued tomorrow.
Market takes its own time for building up positions and one has to wait for final forceful break out or sustaining beyond
5634-5733/5656.