Nifty-Intra Day Chart (27-Feb-2013):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 5749-5782
2- Mixed Patterns between 5795-5818
3- Whole day actual trading between 5749-5818
As first 3 hours lower levels good consolidations therefore fresh selling is required for sustaining below 5749 but last 3 hours trading with mixed Patterns therefore follow up consolidation is also required for any decisive up move above 5818.
61 previous sessions sideways trading between 5823-6111 and most Bearish Head and Shoulders pattern formations with Neckline at 5823 within this range. Although its Neckline has already been Broken down on 26-02-2013 but breaking down confirmation is required yet therefore Indian markets are technically well poised to respond and react according to Budget today and finally sustaining beyond Neckline(5823) will give following moves confirmations:-
1- Below 5823 will mean fast 5647/5548
2- Above 5823 will be strong indication of correction correction completion and confirmation will be after valid break out of next multiple resistances up to 6111.
Pre-open Outlook(28-02-2013)
Gap up opening today because strong global cues today morning but market will be quiet before Budget and will be volatile also during Budget speech according to its announcements. As previous 2 sessions closing below Neckline(5823) and today closing below it will mean breaking down confirmation through 3 sessions closing below it but closing above 5823 will also mean indication of strong rally after market and industry favourable Budget.
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1- Consolidation between 5749-5782
2- Mixed Patterns between 5795-5818
3- Whole day actual trading between 5749-5818
Conclusions from intra day chart analysis
As first 3 hours lower levels good consolidations therefore fresh selling is required for sustaining below 5749 but last 3 hours trading with mixed Patterns therefore follow up consolidation is also required for any decisive up move above 5818.
61 previous sessions sideways trading between 5823-6111 and most Bearish Head and Shoulders pattern formations with Neckline at 5823 within this range. Although its Neckline has already been Broken down on 26-02-2013 but breaking down confirmation is required yet therefore Indian markets are technically well poised to respond and react according to Budget today and finally sustaining beyond Neckline(5823) will give following moves confirmations:-
1- Below 5823 will mean fast 5647/5548
2- Above 5823 will be strong indication of correction correction completion and confirmation will be after valid break out of next multiple resistances up to 6111.
Pre-open Outlook(28-02-2013)
Gap up opening today because strong global cues today morning but market will be quiet before Budget and will be volatile also during Budget speech according to its announcements. As previous 2 sessions closing below Neckline(5823) and today closing below it will mean breaking down confirmation through 3 sessions closing below it but closing above 5823 will also mean indication of strong rally after market and industry favourable Budget.
Neither Bullish nor Bearish and should be firstly watched sustaining beyond 5823 after Budget for next big trend strong indication