Nifty-Intra Day Chart (25-Feb-2013):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 5840-5857
2- Consolidation between 5825-5845
3- Intraday correction completion after 3 corrective Waves completion.
4- Whole day actual trading between 5825-5876
Lower levels good supports with closing after some slipping from higher levels in last hour but intraday chart is showing 3 corrective ABC waves hence strong indication of intraday correction completion as well. As consolidation was seen yesterday after good consolidation last Friday therefore good indication of up moves preparations and possibly after Budget on 28-02-2013.
Pre-open Outlook(26-02-2013)
US markets tumbled more than 1% yesterday therefore sentiment is weak today morning and all the Asian markets are in Red therefore weak to gap down opening is possible and volatility also can not be ruled out because Rail Budget today. As good consolidations in last 2 sessions therefore up moves possibility after Budget is still alive after follow up consolidations today.
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1- Consolidation between 5840-5857
2- Consolidation between 5825-5845
3- Intraday correction completion after 3 corrective Waves completion.
4- Whole day actual trading between 5825-5876
Conclusions from intra day chart analysis
Lower levels good supports with closing after some slipping from higher levels in last hour but intraday chart is showing 3 corrective ABC waves hence strong indication of intraday correction completion as well. As consolidation was seen yesterday after good consolidation last Friday therefore good indication of up moves preparations and possibly after Budget on 28-02-2013.
Pre-open Outlook(26-02-2013)
US markets tumbled more than 1% yesterday therefore sentiment is weak today morning and all the Asian markets are in Red therefore weak to gap down opening is possible and volatility also can not be ruled out because Rail Budget today. As good consolidations in last 2 sessions therefore up moves possibility after Budget is still alive after follow up consolidations today.
For next trend confirmations sustaining beyond 5823 should be firstly watched today in depressed sentiment today morning.