Nifty-Intra Day Chart (12-Dec-2012):-
Technical Patterns and Formations in today intraday charts
1- Whole day down moves in falling Channel(consolidation formation)
2- Minor selling formation.
3- Whole day actual trading between 5872-5924
Although whole day down moves with regular new lows formation but in falling Channel(consolidation formation) and after only minor selling therefore up moves continuation hops are alive`despite lower levels closing yesterday. For next moves first indication valid break out of yesterday trading range(5872-5924) should be firstly watched today.
As 9 sessions sideways market between 5829-5965 with lower levels good supports and higher levels selling therefore Indian markets are not prepared for any side decisive moves. Next moves preparation through sideways trading will be seen between last 9 sessions trading range(5829-5965) in the coming sessions.
All trends are up and confirmation of impulsive Wave-5 therefore finally Rally continuation above 5965 is will be seen. As yesterday intraday charts are showing consolidation formations therefore rally continuation hopes are alive after follow up consolidations in the coming sessions.
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1- Whole day down moves in falling Channel(consolidation formation)
2- Minor selling formation.
3- Whole day actual trading between 5872-5924
Conclusions from intra day chart analysis
Although whole day down moves with regular new lows formation but in falling Channel(consolidation formation) and after only minor selling therefore up moves continuation hops are alive`despite lower levels closing yesterday. For next moves first indication valid break out of yesterday trading range(5872-5924) should be firstly watched today.
As 9 sessions sideways market between 5829-5965 with lower levels good supports and higher levels selling therefore Indian markets are not prepared for any side decisive moves. Next moves preparation through sideways trading will be seen between last 9 sessions trading range(5829-5965) in the coming sessions.
All trends are up and confirmation of impulsive Wave-5 therefore finally Rally continuation above 5965 is will be seen. As yesterday intraday charts are showing consolidation formations therefore rally continuation hopes are alive after follow up consolidations in the coming sessions.