Nifty-Intra Day Chart (Jan 11 & Jan 14,2013):-
Technical Patterns and Formations in last 2 Sessions intraday charts
1- Whole day down moves due to tension on Indo-Pak Border last Friday.
2- Whole day up moves due to continuous positive news flow today.
1- More than 5 hours consolidation between 5979-6007 today.
3- 2 Sessions actual trading between 5941-6037
8 previous sessions sideways trading range(5950-6026) broken down and closing near lowest of the day last Friday due to tension on Indo-Pak Border but Flag meeting between Indo-Pak scheduled for today therefore tension relaxed and sentiment boosted after the positive news of improved December inflation data and positive announcement on GAAR by F.M. therefore closing near the top of the day today. News based high volatility in last 2 sessions and 8 previous sessions range(5950-6026) broken out both sides in following manner:-
1- 8 sessions sideways trading range(5950-6026) broken down last Friday and closing at 5951 after lowest formation at 5941.
2- 8 sessions sideways trading range(5950-6026) broken out today and closing at 6024 after highest formation at 6037.
Although closing near the lowest of the day with closing below the next trend deciding 5965 therefore following line was told in Market Cautious after Indo-Pak Cross Border Firing yesterday:-
closing below 5965 was due to most sensitive negative news of tension mounting on LOC therefore sustaining below 5965 should also be firstly watched.
As closing well above 5965 today therefore survival of Sub Wave-5 of Wave-3 and expectation turned alive for up moves towards its minimum target at 6239.95(as per Elliot Wave theory). As more than 5 hours consolidation also between 5979-6007 today therefore today started up moves continuation is expected in the coming session.
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1- Whole day down moves due to tension on Indo-Pak Border last Friday.
2- Whole day up moves due to continuous positive news flow today.
1- More than 5 hours consolidation between 5979-6007 today.
3- 2 Sessions actual trading between 5941-6037
Conclusions from 2 Sessions intra day chart analysis
8 previous sessions sideways trading range(5950-6026) broken down and closing near lowest of the day last Friday due to tension on Indo-Pak Border but Flag meeting between Indo-Pak scheduled for today therefore tension relaxed and sentiment boosted after the positive news of improved December inflation data and positive announcement on GAAR by F.M. therefore closing near the top of the day today. News based high volatility in last 2 sessions and 8 previous sessions range(5950-6026) broken out both sides in following manner:-
1- 8 sessions sideways trading range(5950-6026) broken down last Friday and closing at 5951 after lowest formation at 5941.
2- 8 sessions sideways trading range(5950-6026) broken out today and closing at 6024 after highest formation at 6037.
Although closing near the lowest of the day with closing below the next trend deciding 5965 therefore following line was told in Market Cautious after Indo-Pak Cross Border Firing yesterday:-
closing below 5965 was due to most sensitive negative news of tension mounting on LOC therefore sustaining below 5965 should also be firstly watched.
As closing well above 5965 today therefore survival of Sub Wave-5 of Wave-3 and expectation turned alive for up moves towards its minimum target at 6239.95(as per Elliot Wave theory). As more than 5 hours consolidation also between 5979-6007 today therefore today started up moves continuation is expected in the coming session.
As news based highly volatile markets in last 2 sessions and today strong up moves were also on the back of continuous positive news flow therefore valid break out confirmation is must through sustaining beyond last 9 sessions sideways trading range(5950-6026)