Nifty-Intra Day Chart (18-Feb-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5903-5911
2- All intraday Up mooves in Bearish Rising Wedge formation.
3- Whole day actual trading between 5881-5911
Following conclusive lines were told yesterday in Firstly Sideways market before Blasting moves:-
As was told yesterday same happened today and Whole day narrow range quiet trading was seen between 30 points with more than first 5 hours slow up moves with Bearish Rising Wedge formation and after that slipping from intraday higher levels. As down moves from intraday higher levels on 15-02-2013 after Bearish Rising Wedge formation and today again higher levels selling therefore emergence of more down moves possibilities. Although Nifty got support between 5854-5872 on 15-02-2013 but follow up selling just above it in previous 2 sessions therefore more down moves can not be ruled out.
Previous 2 sessions trading between 5854-5911 with lower levels consolidations and higher levels selling therefore firstly trading will be seen between this range tomorrow and this range valid break out should be firstly watched now for next moves confirmations.
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1- Selling between 5903-5911
2- All intraday Up mooves in Bearish Rising Wedge formation.
3- Whole day actual trading between 5881-5911
Conclusions from intra day chart analysis
Following conclusive lines were told yesterday in Firstly Sideways market before Blasting moves:-
Firstly sideways quiet market preparation before Blasting moves after Union Budget-2013
As was told yesterday same happened today and Whole day narrow range quiet trading was seen between 30 points with more than first 5 hours slow up moves with Bearish Rising Wedge formation and after that slipping from intraday higher levels. As down moves from intraday higher levels on 15-02-2013 after Bearish Rising Wedge formation and today again higher levels selling therefore emergence of more down moves possibilities. Although Nifty got support between 5854-5872 on 15-02-2013 but follow up selling just above it in previous 2 sessions therefore more down moves can not be ruled out.
Previous 2 sessions trading between 5854-5911 with lower levels consolidations and higher levels selling therefore firstly trading will be seen between this range tomorrow and this range valid break out should be firstly watched now for next moves confirmations.