Nifty-Intra Day Chart (27-Nov-2012):-
Technical Patterns and Formations in today intraday charts
1- More than 4 hours sideways trading between 5697-5713.
2- Whole day actual trading between 5682-5732.
Although Up moves on 27-11-2012 but it was clearly and continuously projected in last 5 days and following lines were told-
1- In Pre-open Outlook on 27-11-2012:-"fresh up moves above 5700 will be seen now"
2-In Mid-session Outlook on 26-11-2012:- "Nifty will move above 5650 and short term up moves will be seen in the coming sessions"
3-In Bullish Flag formation confirming strong Wave-5 Rally on 24-11-2012:- firstly up moves will be seen in the beginning of next week and Nifty will counter following next resistances:-
1- 5620-5650(Immediate resistance)
2- 5652-5660(Gap created on 15-11-2012)
3- 5672-5705.
4- 5700-5720/5733/5777/5815(Multiple Resistances)
As lower levels good intraday consolidations in last 6 sessions therefore only up moves were projected and strong rally was seen also on 27-11-2012 with more than 4 hours sideways trading between 5697-5713 but with mixed intraday patterns despite this range good break out and closing near intraday higher levels.
43 sessions sideways trading with multiple resistances between 5700-5815 therefore complete consolidation is required before any up move within this range. As mixed intraday patterns last Tuesday within this range between 5697-5713 therefore follow up consolidations and sustaining above 5713 is must for decisive up moves within mentioned resistance range.
Expected that rally will remain continued after follow up consolidation but up moves will be slow and after complete consolidations. sustaining above 5713 should be firstly watched because that will be consolidation confirmation between multiple and rather big resistance range.
Detailed technical analysis have already been updated on 24-11-2012 in following topic. Just click following topic link and understand Indian markets:-
"Bullish Flag formation confirming strong Wave-5 Rally"
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1- More than 4 hours sideways trading between 5697-5713.
2- Whole day actual trading between 5682-5732.
Conclusions from intra day chart analysis
Although Up moves on 27-11-2012 but it was clearly and continuously projected in last 5 days and following lines were told-
1- In Pre-open Outlook on 27-11-2012:-"fresh up moves above 5700 will be seen now"
2-In Mid-session Outlook on 26-11-2012:- "Nifty will move above 5650 and short term up moves will be seen in the coming sessions"
3-In Bullish Flag formation confirming strong Wave-5 Rally on 24-11-2012:- firstly up moves will be seen in the beginning of next week and Nifty will counter following next resistances:-
1- 5620-5650(Immediate resistance)
2- 5652-5660(Gap created on 15-11-2012)
3- 5672-5705.
4- 5700-5720/5733/5777/5815(Multiple Resistances)
Nifty traded and closed above 5700 and all above predictions and projections proved true on
27-11-2012.
27-11-2012.
43 sessions sideways trading with multiple resistances between 5700-5815 therefore complete consolidation is required before any up move within this range. As mixed intraday patterns last Tuesday within this range between 5697-5713 therefore follow up consolidations and sustaining above 5713 is must for decisive up moves within mentioned resistance range.
Expected that rally will remain continued after follow up consolidation but up moves will be slow and after complete consolidations. sustaining above 5713 should be firstly watched because that will be consolidation confirmation between multiple and rather big resistance range.
Detailed technical analysis have already been updated on 24-11-2012 in following topic. Just click following topic link and understand Indian markets:-
"Bullish Flag formation confirming strong Wave-5 Rally"