Nifty-Intra Day Chart (Jan 18 to Jan 21,2013)
Technical Patterns and Formations in last 2 Sessions intraday charts
1- Selling between 6068-6082 on 18-01-2013
2- Selling between 6072-6082 on 21-01-2013
3- Selling between 6082-6092 on 21-01-2013
4- 2 Sessions actual trading between 6048-6092
Although last more than 1 hour trading near the highs of the day and near the highs of ongoing rally as well but it does not mean that it is supported by lower levels consolidations but last 2 sessions trading is under heated sentiments, firstly due to Strong Asian markets last Friday and today because of good RIL results.
As intraday selling formations seen if last 2 sessions therefore expected that Nifty will not sustain above 6068 and will slip below 6048 in the coming sessions. As per our views selling is continued on the back of positive news flows and let distribution complete then Short Term correction will be seen within 2/3 sessions.
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1- Selling between 6068-6082 on 18-01-2013
2- Selling between 6072-6082 on 21-01-2013
3- Selling between 6082-6092 on 21-01-2013
4- 2 Sessions actual trading between 6048-6092
Conclusions from 2 Sessions intra day chart analysis
Although last more than 1 hour trading near the highs of the day and near the highs of ongoing rally as well but it does not mean that it is supported by lower levels consolidations but last 2 sessions trading is under heated sentiments, firstly due to Strong Asian markets last Friday and today because of good RIL results.
As intraday selling formations seen if last 2 sessions therefore expected that Nifty will not sustain above 6068 and will slip below 6048 in the coming sessions. As per our views selling is continued on the back of positive news flows and let distribution complete then Short Term correction will be seen within 2/3 sessions.