Nifty-Intra Day Chart (17-Jan-2013):-
Technical Patterns and Formations in today intraday charts
1- First 4 hours trading between 6000-6031
1- consolidation between 6001-6017
3- First 4 hours trading range broken out after after Fuel relating positive announcements
4- Selling Patterns between 6040-6052
5- Rising Channel broken down
6- Whole day Up moves in Bearish Rising Channel
7- Whole day actual trading between 6000-6052
First 4 hours trading between 6000-6031 with consolidation between 6001-6017 and first 4 hours trading range broken out after after Fuel relating positive announcements but selling patterns formations also between 6040-6052 therefore market could not sustain at higher levels and slipped. As Whole day Up moves in Bearish Rising Channel therefore this channel also broken down after higher levels seling and closing seen below it today.
12 Sessions trading between 5950-6065 with following immediate supports and resistances:
1- Supports- 5970-6017
2- Resistances- 6030-6065
Intraday selling was seen in previous sessions between 6030-6065 and again selling patterns formations between this range today therefore previous resistance becomes stronger and down moves between 5950-6065 can not be ruled out in the coming sessions. As last 2 hours trading between 6030-60652 was Fuel relating positive announcements generated and market forces reacts in their own manner after such news therefore therefore valid break out of 6030-6065 should be firstly watched tomorrow for next down moves confirmations between 12 sessions range(5950-6065)
If global markets does not gives any side strong sentiment then Nifty will firstly trade between today trading range(6000-6052). As higher levels selling today therefore down moves are possible between 5970-6000.
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1- First 4 hours trading between 6000-6031
1- consolidation between 6001-6017
3- First 4 hours trading range broken out after after Fuel relating positive announcements
4- Selling Patterns between 6040-6052
5- Rising Channel broken down
6- Whole day Up moves in Bearish Rising Channel
7- Whole day actual trading between 6000-6052
Conclusions from intra day chart analysis
First 4 hours trading between 6000-6031 with consolidation between 6001-6017 and first 4 hours trading range broken out after after Fuel relating positive announcements but selling patterns formations also between 6040-6052 therefore market could not sustain at higher levels and slipped. As Whole day Up moves in Bearish Rising Channel therefore this channel also broken down after higher levels seling and closing seen below it today.
12 Sessions trading between 5950-6065 with following immediate supports and resistances:
1- Supports- 5970-6017
2- Resistances- 6030-6065
Intraday selling was seen in previous sessions between 6030-6065 and again selling patterns formations between this range today therefore previous resistance becomes stronger and down moves between 5950-6065 can not be ruled out in the coming sessions. As last 2 hours trading between 6030-60652 was Fuel relating positive announcements generated and market forces reacts in their own manner after such news therefore therefore valid break out of 6030-6065 should be firstly watched tomorrow for next down moves confirmations between 12 sessions range(5950-6065)
If global markets does not gives any side strong sentiment then Nifty will firstly trade between today trading range(6000-6052). As higher levels selling today therefore down moves are possible between 5970-6000.