Nifty-Intra Day Chart (06-Nov-2012):-
Technical Patterns and Formations in today intraday charts
1- Consolidation and supports at lower levels between 5698-5710
3- Whole day actual trading between 5698-5729
Conclusions from intra day chart analysis
As soon as consolidation started in Indian markets today then it was immediately updated at 10:16AM in Post-open Outlook(06-11-2012) and following line was told:-
"intraday consolidation patterns seen today in first hour of trading"
Nifty closed at the top of last 30 sideways sessions with lower levels intraday supports and consolidations,next 3 resistances of ongoing Wave-3 are as follows:-
1- 5733
2- 5756
3- 5815
As resistances between 5700-5733 were strong therefore once sustaining above 5733 will be strong indication of rally after correction completion. Trading above 5733 is expected tomorrow but follow up consolidations and sustaining it above is must. Following technical confirmation is must therefore following 2 filters have to be watched first:-
1- 3 Days sustaining above the previous sideways trading range top(5733) or
2- Minimum 3% up moves from the high(5733) of the previous sideways trading range.
Forceful break out or Once sustaining above 5733 will mean clearance of strong resistance and then high possibility of fresh rally after correction completion.
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1- Consolidation and supports at lower levels between 5698-5710
3- Whole day actual trading between 5698-5729
Conclusions from intra day chart analysis
As soon as consolidation started in Indian markets today then it was immediately updated at 10:16AM in Post-open Outlook(06-11-2012) and following line was told:-
"intraday consolidation patterns seen today in first hour of trading"
Nifty closed at the top of last 30 sideways sessions with lower levels intraday supports and consolidations,next 3 resistances of ongoing Wave-3 are as follows:-
1- 5733
2- 5756
3- 5815
As resistances between 5700-5733 were strong therefore once sustaining above 5733 will be strong indication of rally after correction completion. Trading above 5733 is expected tomorrow but follow up consolidations and sustaining it above is must. Following technical confirmation is must therefore following 2 filters have to be watched first:-
1- 3 Days sustaining above the previous sideways trading range top(5733) or
2- Minimum 3% up moves from the high(5733) of the previous sideways trading range.
Forceful break out or Once sustaining above 5733 will mean clearance of strong resistance and then high possibility of fresh rally after correction completion.