Nifty-Intra Day Chart (24-Jan-2013):-
Technical Patterns and Formations in today intraday charts
1- Good support between 6011-6019
2- Consolidation Patterns between 6020-6033
3- Down moves from higher levels without selling patterns.
4- Whole day actual trading between 6011-6045
Following lines told today at 06:10 AM in "Finally Big Correction after sideways Market"
A- Immediate Resistance and supports are as follows:-
1- Resistances between 6068-6100
2- Supports between 6000-6020
B- Under whatsoever Bullish or Bearish sentiment but Nifty will firstly trade between 6000-6100 in the coming session and prepare for next moves,its valid break out will give following conclusions:-
1- Above 6100 will mean slow up moves maximum up to 6331.
2- Below 6000 will mean sharp down moves with deeper correction possibility.
Nifty traded whole day within above mentioned range between 6007.85-6065.30 today and traded most time within above mentioned supports range(6000-6020) as well as closed within it at 6019.35. Although Indian markets traded whole day in Red and also closed negative after slipping from intraday higher levels but selling patterns were not seen today and on the other hand lower levels supports as well as consolidation patterns also seen today.
Finally Big Correction will be seen and its beginning first strong indication will be valid break down of 6000 but supports seen within it today. As selling patterns formation not seen within it today therefore 6000 breaking down can not be projected at this moment and follow up moves will be firstly watched tomorrow for confirmation of next moves beyond 6000-6020,its valid break out will mean following moves:-
1- Deeper correction possibility below 6000 or
2- Sideways market(6000-6100) above 6020.
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1- Good support between 6011-6019
2- Consolidation Patterns between 6020-6033
3- Down moves from higher levels without selling patterns.
4- Whole day actual trading between 6011-6045
Conclusions from intra day chart analysis
Following lines told today at 06:10 AM in "Finally Big Correction after sideways Market"
A- Immediate Resistance and supports are as follows:-
1- Resistances between 6068-6100
2- Supports between 6000-6020
B- Under whatsoever Bullish or Bearish sentiment but Nifty will firstly trade between 6000-6100 in the coming session and prepare for next moves,its valid break out will give following conclusions:-
1- Above 6100 will mean slow up moves maximum up to 6331.
2- Below 6000 will mean sharp down moves with deeper correction possibility.
Nifty traded whole day within above mentioned range between 6007.85-6065.30 today and traded most time within above mentioned supports range(6000-6020) as well as closed within it at 6019.35. Although Indian markets traded whole day in Red and also closed negative after slipping from intraday higher levels but selling patterns were not seen today and on the other hand lower levels supports as well as consolidation patterns also seen today.
Finally Big Correction will be seen and its beginning first strong indication will be valid break down of 6000 but supports seen within it today. As selling patterns formation not seen within it today therefore 6000 breaking down can not be projected at this moment and follow up moves will be firstly watched tomorrow for confirmation of next moves beyond 6000-6020,its valid break out will mean following moves:-
1- Deeper correction possibility below 6000 or
2- Sideways market(6000-6100) above 6020.