Nifty-Intra Day Chart (20-Feb-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling patterns between 5956-5960
2- Selling patterns between 5950-5955
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 5938-5960
Whole day down moves in Bullish falling channel but higher levels intraday selling patterns formations also therefore mixed intraday patterns within 22 points narrow range trading and more preparations are required in the coming sessions for next trend formations.
58 Sessions trading between 5823-6111 with lower levels good Supports but higher levels multiple strong resistances also and expected that Nifty will remain range bound within this range and will prepare for post Budget decisive trend. Although sentiment is weak because no signals of Pre Budget rally but it does not mean that rally will not be seen after Budget. Possibility of strong rally after Budget is very much alive and we expect it also after consolidations in the coming sessions.
Immediate Supports and Resistances are as follows:-
1-Supports- 5854-5900
2-Supports- 5960-5985
Expected that Nifty will firstly trade and prepare for next trend between 5900-5960 and valid break of this range will be 1st and strong indication of post Budget trend
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1- Selling patterns between 5956-5960
2- Selling patterns between 5950-5955
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 5938-5960
Conclusions from intra day chart analysis
Whole day down moves in Bullish falling channel but higher levels intraday selling patterns formations also therefore mixed intraday patterns within 22 points narrow range trading and more preparations are required in the coming sessions for next trend formations.
58 Sessions trading between 5823-6111 with lower levels good Supports but higher levels multiple strong resistances also and expected that Nifty will remain range bound within this range and will prepare for post Budget decisive trend. Although sentiment is weak because no signals of Pre Budget rally but it does not mean that rally will not be seen after Budget. Possibility of strong rally after Budget is very much alive and we expect it also after consolidations in the coming sessions.
Immediate Supports and Resistances are as follows:-
1-Supports- 5854-5900
2-Supports- 5960-5985
Expected that Nifty will firstly trade and prepare for next trend between 5900-5960 and valid break of this range will be 1st and strong indication of post Budget trend