Nifty-Intra Day Chart (19-Nov-2012):-
Technical Patterns and Formations in today intraday charts
1- Most time trading between 5550-5576
2- Consolidation between 5550-5566
3- Whole day actual trading between 5550-5592
As lower levels consolidation patterns seen between 5550-5566 therefore following lines were told yesterday:-
1- In Mid-session Outlook:- "emergence of consolidation paterns formations and expectation of small up moves from here"
2- In Pre-Closing Outlook:- "Although Nifty traded most time in negative zone and now trading also near today lower levels but with intraday consolidation patterns formations therefore up moves expectations are alive"
3- In Post-open Outlook:- "if sustains below 5583 then steep fall will be expected"
As intraday consolidation yesterday and therefore positive opening is expected but multiple resistances at higher levels therefore complete consolidation and minimum sustaining above 5583 is must for the beginning of any decisive up move. Good consolidation seen above 5550 yesterday therefore until Nifty will not sustain below 5550 till then next down move will not be considered but view should remain cautious because political uncertainty can not be ruled out after No-Confidence motion decision by Mamta Banerjee.
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1- Most time trading between 5550-5576
2- Consolidation between 5550-5566
3- Whole day actual trading between 5550-5592
Conclusions from intra day chart analysis
As lower levels consolidation patterns seen between 5550-5566 therefore following lines were told yesterday:-
1- In Mid-session Outlook:- "emergence of consolidation paterns formations and expectation of small up moves from here"
2- In Pre-Closing Outlook:- "Although Nifty traded most time in negative zone and now trading also near today lower levels but with intraday consolidation patterns formations therefore up moves expectations are alive"
3- In Post-open Outlook:- "if sustains below 5583 then steep fall will be expected"
As intraday consolidation yesterday and therefore positive opening is expected but multiple resistances at higher levels therefore complete consolidation and minimum sustaining above 5583 is must for the beginning of any decisive up move. Good consolidation seen above 5550 yesterday therefore until Nifty will not sustain below 5550 till then next down move will not be considered but view should remain cautious because political uncertainty can not be ruled out after No-Confidence motion decision by Mamta Banerjee.