Nifty-Intra Day Chart (15-Jan-2013):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 6019-6033
2- Selling patterns between 6035-6039
3- Mixed Patterns between 60346-6068
4- Whole day actual trading between 6019-6068
Although lower levels consolidations patterns between 6019-6033 but just above selling patterns also seen between 6035-6039 during almost first 5 hours. As market consolidate also at higher levels in Bull markets therefore sharp surge after 02:00 PM and rest more than 1 hour trading with mixed patterns between 60346-6068.
The abstract sums up of today trading is rally continuation despite mixed intraday patterns and it is very much common also in Bullish rallies. Following 2 targets were updated in Market Cautious after Indo-Pak Cross Border Firing on 13-01-2013:-
1- Sub Wave-5 of Wave-3 minimum and maximum targets are between 6031-6331.
2- Sub Wave-3 of Sub Wave-5 is on and its minimum target is 6239.95.
It must be kept in mind that on going Sub Wave-5 which started from 5548.35 on 20-11-2012 is showing Negative Divergence and expected that whole up move of this wave will be corrected after reversal of on going rally.(its detailed analysis has alrready been updated in above mentioned topic).
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1- Consolidation between 6019-6033
2- Selling patterns between 6035-6039
3- Mixed Patterns between 60346-6068
4- Whole day actual trading between 6019-6068
Conclusions from intra day chart analysis
Although lower levels consolidations patterns between 6019-6033 but just above selling patterns also seen between 6035-6039 during almost first 5 hours. As market consolidate also at higher levels in Bull markets therefore sharp surge after 02:00 PM and rest more than 1 hour trading with mixed patterns between 60346-6068.
The abstract sums up of today trading is rally continuation despite mixed intraday patterns and it is very much common also in Bullish rallies. Following 2 targets were updated in Market Cautious after Indo-Pak Cross Border Firing on 13-01-2013:-
1- Sub Wave-5 of Wave-3 minimum and maximum targets are between 6031-6331.
2- Sub Wave-3 of Sub Wave-5 is on and its minimum target is 6239.95.
It must be kept in mind that on going Sub Wave-5 which started from 5548.35 on 20-11-2012 is showing Negative Divergence and expected that whole up move of this wave will be corrected after reversal of on going rally.(its detailed analysis has alrready been updated in above mentioned topic).
Although Wave-3 correction will start between 6031-6331 but before that complete selling patterns are required in intraday and minimum on Daily charts,until that will not happen till then any big correction will not be considered. As no such development yet therefore rally continuation will be seen in the coming sessions but with intraday to very short term corrections also.