Nifty-Intra Day Chart (Jan 28 to Jan 29,2013):-
Technical Patterns and Formations in last 2 Sessions intraday charts
1- Selling between 6070-6085 in 2 sessions.
2- Selling between 6100-6110 at higher levels after Credit policy today.
3- Huge volatility after RBI Credit policy
3- 2 Sessions actual trading between 6043-6110
As Negative Divergence in EOD charts and selling in 9 previous sessions therefore following topic was updated on 26-01-2013:-
Correction On 29th Jan or From 1st Week of Feb 2013
As higher levels good selling therefore following topic was posted on 28-01-2013:-
Down Moves after RBI Credit Policy
Although good news of quarter pct rate cut of both Repo and CRR by RBI but we were not bullish and when Nifty was trading above 6100 then told following lines in Mid-session Outlook today:-
"valid break out above 6100 is must through sustaining above 6100 because just below it good selling was seen in previous sessions. Now sustaining above 6100 should be firstly watched for decisive up moves confirmations."
Selling and short covering at higher levels on the back of Bullish news lead heated sentiments therefore market could not sustain at higher levels and closed at the bottom of the day today.
9 Sessions selling(resistance) before 25-01-2013 was between 6068-6100 and follow up selling seen within and above this range between 6070-6110 in both previous sessions therefore previous resistances became stronger and telling for more down moves and testing possibility of next supports(6000-6033) in the coming sessions. Correction continuation with Nifty slipping below 6000 and also testing possibility the levels near 5950.
Follow up selling tomorrow will mean consideration of following possibility also:-
"FOMC Meeting is scheduled on January 29-30 and its results will come out in the mid night of 30 Jan. We don't know what will be its outcome but US markets intraday and daily charts are showing selling formations therefore sharp fall in US markets on 30-01-2013 can not be ruled out which may result sharp down moves in Asian and Indian markets on 31st Jan"
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1- Selling between 6070-6085 in 2 sessions.
2- Selling between 6100-6110 at higher levels after Credit policy today.
3- Huge volatility after RBI Credit policy
3- 2 Sessions actual trading between 6043-6110
Conclusions from 2 Sessions intra day chart analysis
As Negative Divergence in EOD charts and selling in 9 previous sessions therefore following topic was updated on 26-01-2013:-
Correction On 29th Jan or From 1st Week of Feb 2013
As higher levels good selling therefore following topic was posted on 28-01-2013:-
Down Moves after RBI Credit Policy
Although good news of quarter pct rate cut of both Repo and CRR by RBI but we were not bullish and when Nifty was trading above 6100 then told following lines in Mid-session Outlook today:-
"valid break out above 6100 is must through sustaining above 6100 because just below it good selling was seen in previous sessions. Now sustaining above 6100 should be firstly watched for decisive up moves confirmations."
Selling and short covering at higher levels on the back of Bullish news lead heated sentiments therefore market could not sustain at higher levels and closed at the bottom of the day today.
9 Sessions selling(resistance) before 25-01-2013 was between 6068-6100 and follow up selling seen within and above this range between 6070-6110 in both previous sessions therefore previous resistances became stronger and telling for more down moves and testing possibility of next supports(6000-6033) in the coming sessions. Correction continuation with Nifty slipping below 6000 and also testing possibility the levels near 5950.
Follow up selling tomorrow will mean consideration of following possibility also:-
"FOMC Meeting is scheduled on January 29-30 and its results will come out in the mid night of 30 Jan. We don't know what will be its outcome but US markets intraday and daily charts are showing selling formations therefore sharp fall in US markets on 30-01-2013 can not be ruled out which may result sharp down moves in Asian and Indian markets on 31st Jan"