Nifty-Intra Day Chart (Jan 02 to Jan 072013):-
Technical Patterns and Formations in last 4 Sessions intraday charts
1- Buying between 5982-5995 in last 4 sesions.
2- Selling between 6000-6026 in last 4 sesions.
3- 4 Sessions actual trading between 5982-6026.
Conclusions from 4 Sessions intra day chart analysis
Long and Intermediate term trends are up and Short term trend is sideways for the last 4 sessions between 5982-6026 with both higher levels selling and lower levels buying.
Although sharp fall seen in last 40 minutes today but when Indian markets were in Green after gap up opening today then we told following line at 10:40 AM in Post-open Outlook(07-01-2013):-
"market has not shown required strength today therefore profit booking possibility will also be considered"
As higher levels good selling in last 3 sessions also therefore sharp fall seen today and last 4 sessions lowest also broken down. Although good supports also lies between 5982-5995 but complete consolidation is must for sustaining above 5982 and decisive up moves above 6026.
Although closing near lower levels of the day today but it was only very short term correction because as per our views stream is still left in on going rally and Intermediate/Long Term correction is expected from any top between 6239-6331.
Expected that up moves will remain continued after follow up consolidations in the coming sessions and following supports should be firstly watched:-
1- 5982
2- 5965-5977(Gap support)
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1- Buying between 5982-5995 in last 4 sesions.
2- Selling between 6000-6026 in last 4 sesions.
3- 4 Sessions actual trading between 5982-6026.
Conclusions from 4 Sessions intra day chart analysis
Long and Intermediate term trends are up and Short term trend is sideways for the last 4 sessions between 5982-6026 with both higher levels selling and lower levels buying.
Although sharp fall seen in last 40 minutes today but when Indian markets were in Green after gap up opening today then we told following line at 10:40 AM in Post-open Outlook(07-01-2013):-
"market has not shown required strength today therefore profit booking possibility will also be considered"
As higher levels good selling in last 3 sessions also therefore sharp fall seen today and last 4 sessions lowest also broken down. Although good supports also lies between 5982-5995 but complete consolidation is must for sustaining above 5982 and decisive up moves above 6026.
Although closing near lower levels of the day today but it was only very short term correction because as per our views stream is still left in on going rally and Intermediate/Long Term correction is expected from any top between 6239-6331.
Expected that up moves will remain continued after follow up consolidations in the coming sessions and following supports should be firstly watched:-
1- 5982
2- 5965-5977(Gap support)
As on going Sub Wave-3 should not dip or minimum close below the top of Sub Wave-1(5965) and Gap support is just above it also therefore 5965 should be also firstly watched tomorrow for on going rally continuation confirmation.