Nifty-Intra Day Chart (30-Jan-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6062-6070
2- Support between 6044-6052
3- Whole day actual trading between 6044-6070
As good global cues led Green opening and positive zone trading therefore following trading range with technical reasons was given at 09:38 AM in Post-open Outlook(30-01-2013):-
"Next resistances are between 6068-6110 and supports are between 6000-6033 and expected that Nifty will trade most time between 6033-6068 and prepare for next moves today"
Nifty traded whole day between 6044-6070 with lower levels supports and higher levels selling therefore mixed intraday patterns formations today.
As Bearish patterns formation in EOD charts and indicators are also showing negative divergence therefore deeper correction possibility is very much alive. Both higher levels resistances and lower levels supports in last 12 sessions between 6000-6100 and Nifty again traded within this range with intraday mixed patterns today therefore Nifty will firstly trade between 6000-6100 and prepare for next moves tomorrow.
Sideways market(6000-6100) and it will take its own time for next moves preparation,no other way but only to wait for its valid break out and follow up one sided moves in the coming sessions will decide its time frame. Following ranges valid break out should be firstly watched:-
1- For next moves first indication- 6033-6068
2- For next moves final confirmation- 6000-6100
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1- Selling between 6062-6070
2- Support between 6044-6052
3- Whole day actual trading between 6044-6070
Conclusions from intra day chart analysis
As good global cues led Green opening and positive zone trading therefore following trading range with technical reasons was given at 09:38 AM in Post-open Outlook(30-01-2013):-
"Next resistances are between 6068-6110 and supports are between 6000-6033 and expected that Nifty will trade most time between 6033-6068 and prepare for next moves today"
Nifty traded whole day between 6044-6070 with lower levels supports and higher levels selling therefore mixed intraday patterns formations today.
As Bearish patterns formation in EOD charts and indicators are also showing negative divergence therefore deeper correction possibility is very much alive. Both higher levels resistances and lower levels supports in last 12 sessions between 6000-6100 and Nifty again traded within this range with intraday mixed patterns today therefore Nifty will firstly trade between 6000-6100 and prepare for next moves tomorrow.
Sideways market(6000-6100) and it will take its own time for next moves preparation,no other way but only to wait for its valid break out and follow up one sided moves in the coming sessions will decide its time frame. Following ranges valid break out should be firstly watched:-
1- For next moves first indication- 6033-6068
2- For next moves final confirmation- 6000-6100