Nifty-Intra Day Chart (Feb 05 & Feb 06,2013):-
Technical Patterns and Formations in last 2 Sessions intraday charts
1- Consolidations and good intraday supports between 5948-5960 on 06-02-2013
2- Selling between 5978-5984 on 07-02-2013
3- Follow up selling between 5967-5972 on 07-02-2013
4- 7 Times down moves in Bullish falling Channel in both days.
5- 2 Sessions actual trading between 5948-5984
Indian markets ignored Global cues in both previous sessions and traded in following manner:-
1- on 06-02-2013- When all the Global markets were in deep Red and Asian markets were more than 1.5% down then Indian markets were only 0.50% down and in this manner out performed. Nifty got support and consolidated at lower levels between 5948-5960.
2- on 07-02-2013- When all the Global markets were in Green,all Asian markets were were positive and Nikkei 225 closed 3.77% up then Indian markets closed flat after loosing all intraday gains and in this manner under performed. Firstly higher levels selling and after that follow up selling also seen before closing at lower levels of the day.
Rally started after consolidation between 5941-5970 in mid-Jan-2013 and supports was seen within this range yesterday. Although selling also seen above this range today but down moves were in Bullish falling Channel in both days therefore emergence of intraday consolidation patterns also and development of Short term up moves expectations as well.
Nifty traded most time between 6000-6100 in previous 14 sessions and this range broken down but support also emerged above next support(5941) yesterday and selling also seen today. As completely mixed intraday patterns in both previous sessions therefore valid break out of 5941-5984 should be firstly watched tomorrow for:-
1- Down moves toward 5823 below 5941.
2- Reentering into previous 14 sessions range(6000-6100) above 5984.
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1- Consolidations and good intraday supports between 5948-5960 on 06-02-2013
2- Selling between 5978-5984 on 07-02-2013
3- Follow up selling between 5967-5972 on 07-02-2013
4- 7 Times down moves in Bullish falling Channel in both days.
5- 2 Sessions actual trading between 5948-5984
Conclusions from 2 Sessions intra day chart analysis
Indian markets ignored Global cues in both previous sessions and traded in following manner:-
1- on 06-02-2013- When all the Global markets were in deep Red and Asian markets were more than 1.5% down then Indian markets were only 0.50% down and in this manner out performed. Nifty got support and consolidated at lower levels between 5948-5960.
2- on 07-02-2013- When all the Global markets were in Green,all Asian markets were were positive and Nikkei 225 closed 3.77% up then Indian markets closed flat after loosing all intraday gains and in this manner under performed. Firstly higher levels selling and after that follow up selling also seen before closing at lower levels of the day.
Rally started after consolidation between 5941-5970 in mid-Jan-2013 and supports was seen within this range yesterday. Although selling also seen above this range today but down moves were in Bullish falling Channel in both days therefore emergence of intraday consolidation patterns also and development of Short term up moves expectations as well.
Nifty traded most time between 6000-6100 in previous 14 sessions and this range broken down but support also emerged above next support(5941) yesterday and selling also seen today. As completely mixed intraday patterns in both previous sessions therefore valid break out of 5941-5984 should be firstly watched tomorrow for:-
1- Down moves toward 5823 below 5941.
2- Reentering into previous 14 sessions range(6000-6100) above 5984.