Nifty-Intra Day Chart (07-Nov-2012):-
Technical Patterns and Formations in today intraday charts
1- Last 4 hours trading between 5752-5777 with intraday selling patterns at higher levels between 5764-5777.
2- Whole day actual trading between 5711-5777.
Nifty traded most time between 5639-5733 in 30 previous seessions and this range broken out today after the victory news of President Obama but intraday selling was also seen at higher levels between 5764-5777 today. As intraday selling today therefore following lines were told in Pre-Closing Outlook today:-
"Sideways sessions trading range broken out today but its confirmation is still left,let it happen then next trend will be decided because intraday selling patterns also seen at higher levels today"
US markets did not welcomed Obama victory and now all Benchmark Indices are more than 2.5% down today, such weaker closing will mean possibility of negative Asian markets tomorrow and resultant Weak opening possibility in Indian markets.
Expected that Nifty will trade below 5733 tomorrow but 30 previous sessions range break out above 5733 today therefore firstly sustaining it beyond should be watched tomorrow for next trend confirmation.
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1- Last 4 hours trading between 5752-5777 with intraday selling patterns at higher levels between 5764-5777.
2- Whole day actual trading between 5711-5777.
Conclusions from intra day chart analysis
Nifty traded most time between 5639-5733 in 30 previous seessions and this range broken out today after the victory news of President Obama but intraday selling was also seen at higher levels between 5764-5777 today. As intraday selling today therefore following lines were told in Pre-Closing Outlook today:-
"Sideways sessions trading range broken out today but its confirmation is still left,let it happen then next trend will be decided because intraday selling patterns also seen at higher levels today"
US markets did not welcomed Obama victory and now all Benchmark Indices are more than 2.5% down today, such weaker closing will mean possibility of negative Asian markets tomorrow and resultant Weak opening possibility in Indian markets.
Expected that Nifty will trade below 5733 tomorrow but 30 previous sessions range break out above 5733 today therefore firstly sustaining it beyond should be watched tomorrow for next trend confirmation.