Nifty-Intra Day Chart (01-Dec-2012):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5890-5898
2- Mixed Patterns between 5856-5862
3- Whole day actual trading between 5856-5898
All trends are up and 44 Sessions sideways trading range( 5549-5815) broken out in previous week after 350 points forceful rally in 10 sessions. As such blasting rally in previous weeks therefore minimum very short term correction was due and it signals were seen through quiet sideways market yesterday.
Firstly selling between 5890-5898 and after that sideways trading with mixed intraday patterns between 5856-5882 seen yesterday. Follow up confirm buying/selling today between 5856-5882 will start following next moves:-
1- Rally continuation without any deep correction above 5882 or
2- Correction of previous week rally below 5856 and then sustaining beyond 5815 will also decide the fate of 44 sessions sideways market between 5549-5815.
Sustaining beyond following ranges should be firstly watched today for next sustained moves:-
1- For 1st signal: 5856-5882
2- For confirmation: 5815-5900
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1- Selling between 5890-5898
2- Mixed Patterns between 5856-5862
3- Whole day actual trading between 5856-5898
Conclusions from intra day chart analysis
All trends are up and 44 Sessions sideways trading range( 5549-5815) broken out in previous week after 350 points forceful rally in 10 sessions. As such blasting rally in previous weeks therefore minimum very short term correction was due and it signals were seen through quiet sideways market yesterday.
Firstly selling between 5890-5898 and after that sideways trading with mixed intraday patterns between 5856-5882 seen yesterday. Follow up confirm buying/selling today between 5856-5882 will start following next moves:-
1- Rally continuation without any deep correction above 5882 or
2- Correction of previous week rally below 5856 and then sustaining beyond 5815 will also decide the fate of 44 sessions sideways market between 5549-5815.
Sustaining beyond following ranges should be firstly watched today for next sustained moves:-
1- For 1st signal: 5856-5882
2- For confirmation: 5815-5900