Nifty-Intra Day Chart (04-Feb-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6015-6032
3- Whole day actual trading between 5982-6032
As intraday selling today therefore following lines were told in Mid-session Outlooks today:-
1- At 11:39 AM in Mid-session Outlook:-"intraday selling confirmation at higher levels today"
2- At 01:31 PM in Mid-session Outlook-3:-"more down moves confirmations below 6000 and possibility of 5950 as well"
2- At 03:22 PM in Pre-Closing Outlook:-"high possibility of more down moves toward next supports near 5950"
14 Previous sessions actual trading between 5989-6111 with good selling between 6050-6111 and again follow up selling today between previous support range(5989-6033) therefore supports weakened and broken down as well. As 14 sessions range broken down after selling between support range therefore expected that deeper correction will be seen and following supports may also be tested in the coming sessions:-
1- 5941
2- 5823
Sub-Wave-5 started from 5548 and completed at 6111 therefore its following Fibonacci retracement levels testing possibility should also be kept in mind:-
38.2%- 5895
50.0%- 5829
61.8%- 5763
Expected Picture of on going correction
Sub-Wave-3 of Sub-Wave-5 correction was expected and will be seen also in the coming sessions but strong supports are just above 5548 therefore will not be easily broken and expected that on going correction will complete near about above mentioned levels. As supports(5823)are lying near 50 %(5829) retracement levels therefore correction completion and up moves beginning from near about these levels will be considered if intraday charts will start to show consolidations there. Some up moves after on going correction completion and finally much deeper correction beginning is expected near about Union Budget-2013 from 6111/6239//6331.
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1- Selling between 6015-6032
3- Whole day actual trading between 5982-6032
Conclusions from intra day chart analysis
As intraday selling today therefore following lines were told in Mid-session Outlooks today:-
1- At 11:39 AM in Mid-session Outlook:-"intraday selling confirmation at higher levels today"
2- At 01:31 PM in Mid-session Outlook-3:-"more down moves confirmations below 6000 and possibility of 5950 as well"
2- At 03:22 PM in Pre-Closing Outlook:-"high possibility of more down moves toward next supports near 5950"
14 Previous sessions actual trading between 5989-6111 with good selling between 6050-6111 and again follow up selling today between previous support range(5989-6033) therefore supports weakened and broken down as well. As 14 sessions range broken down after selling between support range therefore expected that deeper correction will be seen and following supports may also be tested in the coming sessions:-
1- 5941
2- 5823
Sub-Wave-5 started from 5548 and completed at 6111 therefore its following Fibonacci retracement levels testing possibility should also be kept in mind:-
38.2%- 5895
50.0%- 5829
61.8%- 5763
Expected Picture of on going correction
Sub-Wave-3 of Sub-Wave-5 correction was expected and will be seen also in the coming sessions but strong supports are just above 5548 therefore will not be easily broken and expected that on going correction will complete near about above mentioned levels. As supports(5823)are lying near 50 %(5829) retracement levels therefore correction completion and up moves beginning from near about these levels will be considered if intraday charts will start to show consolidations there. Some up moves after on going correction completion and finally much deeper correction beginning is expected near about Union Budget-2013 from 6111/6239//6331.