Nifty-Intra Day Chart (01-Jan-2013):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 5936-5951.
3- Selling between 5957-5964
2- Selling between 5953-5957
4- Most time trading between 5943-5964
5- Whole day actual trading between 5936-5964
Although strong gap up opening today on the back of bullish news of US Senate passing bill to avert 'fiscal cliff' and strong rally in US markets yesterday but last 2 hours intraday patterns showed selling formations also therefore some more consolidations and valid break out above 5965 is must in the coming sessions for strong blasting rally above 5965.
28 Nifty points narrow range trading with lower levels consolidations and higher levels selling today. As both buying and selling therefore Indian markets are not prepared for any side decisive moves and will prepare for next trend in the coming sessions.
Rally continuation above 5965 is finally expected after 21 sessions sideways correction completion and Nifty will firstly hover around today trading range as well as prepare for next trend. As sustaining beyond today trading range(5936-5964) will be next trend confirmation therefore its valid break out should be firstly watched tomorrow.
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1- Consolidation between 5936-5951.
3- Selling between 5957-5964
2- Selling between 5953-5957
4- Most time trading between 5943-5964
5- Whole day actual trading between 5936-5964
Conclusions from intra day chart analysis
Although strong gap up opening today on the back of bullish news of US Senate passing bill to avert 'fiscal cliff' and strong rally in US markets yesterday but last 2 hours intraday patterns showed selling formations also therefore some more consolidations and valid break out above 5965 is must in the coming sessions for strong blasting rally above 5965.
28 Nifty points narrow range trading with lower levels consolidations and higher levels selling today. As both buying and selling therefore Indian markets are not prepared for any side decisive moves and will prepare for next trend in the coming sessions.
Rally continuation above 5965 is finally expected after 21 sessions sideways correction completion and Nifty will firstly hover around today trading range as well as prepare for next trend. As sustaining beyond today trading range(5936-5964) will be next trend confirmation therefore its valid break out should be firstly watched tomorrow.