Nifty-Intra Day Chart (06-Dec-2012):-
Technical Patterns and Formations in today intraday charts
1- Supports between 5839-5860
2- Mayawati announcement to support Congress in Rajya Sabha triggered strong rally
3- Whole day actual trading between 5839-5860
As good intraday selling yesterday therefore only Short term correction was predicted in following topic link yesterday and it was seen in first half hour after sharp fall today.
Short Term Correction on Cards
Nifty got support between 5829-5848 on 30-11-2012 and today again got support within and just above this range between 5839-5860,resultant previous supports strengthened today and revised support range at lower levels is 5829-5860.
Firstly supports at lower levels and after that Mayawati announcement to support Congress in Rajya Sabha tomorrow given Bullish trigger to Indian Stock Markets. As market was technical prepared for up moves after getting lower levels therefore immediately rally fuelled after clearance of all hurdles to pass FDI Bill in Parliament.
More than 3 days closing above 44 sessions range(5549-4815) with lower levels good supports given confirmation to impulsive Wave-5 therefore now rally will be seen in the coming sessions after Short Term correction completion today.
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1- Supports between 5839-5860
2- Mayawati announcement to support Congress in Rajya Sabha triggered strong rally
3- Whole day actual trading between 5839-5860
Conclusions from intra day chart analysis
As good intraday selling yesterday therefore only Short term correction was predicted in following topic link yesterday and it was seen in first half hour after sharp fall today.
Short Term Correction on Cards
Nifty got support between 5829-5848 on 30-11-2012 and today again got support within and just above this range between 5839-5860,resultant previous supports strengthened today and revised support range at lower levels is 5829-5860.
Firstly supports at lower levels and after that Mayawati announcement to support Congress in Rajya Sabha tomorrow given Bullish trigger to Indian Stock Markets. As market was technical prepared for up moves after getting lower levels therefore immediately rally fuelled after clearance of all hurdles to pass FDI Bill in Parliament.
More than 3 days closing above 44 sessions range(5549-4815) with lower levels good supports given confirmation to impulsive Wave-5 therefore now rally will be seen in the coming sessions after Short Term correction completion today.