Nifty-Intra Day Chart (13-Mar-2013):-
Technical Patterns and Formations in today intraday charts
1- First 5 hours selling between 5874-5893
2- Closing near lower levels of the day.
3- Whole day actual trading between 5843-5893
Although Nifty closed with good gains on 08-03-2013 but we were not convinced and clearly showed our doubts on further up moves and told following lines on 09-03-2013 in 'Trading within Range Market and not Trending'
Although strong rally on 08-03-2013 but without intraday charts complete consolidations and on the back of strong Global cues therefore market is not prepared for next sustained up moves. As Nifty traded between and below next resistance(5940-5970) with intraday charts selling patterns formations also therefore Nifty is not prepared for decisive up moves above 5970.
Nifty honored our above statement and reversed from 5971.30 in this week. We told only for Pull Back rally completion and more down moves in almost all the Outlooks since 08-03-2013,anyone can verify this fact from "Archieve at the bottom of Blog" because we always tell with those proofs which no one can deny.
We clearly told for down moves yesterday also and told following lines in Technical Analysis and Market Outlook(13-03-2013)
1- possibility of Pull Back rally termination as well as down moves in the coming sessions.
2- despite more down moves possibility.
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1- First 5 hours selling between 5874-5893
2- Closing near lower levels of the day.
3- Whole day actual trading between 5843-5893
Conclusions from intra day chart analysis
Although Nifty closed with good gains on 08-03-2013 but we were not convinced and clearly showed our doubts on further up moves and told following lines on 09-03-2013 in 'Trading within Range Market and not Trending'
Although strong rally on 08-03-2013 but without intraday charts complete consolidations and on the back of strong Global cues therefore market is not prepared for next sustained up moves. As Nifty traded between and below next resistance(5940-5970) with intraday charts selling patterns formations also therefore Nifty is not prepared for decisive up moves above 5970.
Nifty honored our above statement and reversed from 5971.30 in this week. We told only for Pull Back rally completion and more down moves in almost all the Outlooks since 08-03-2013,anyone can verify this fact from "Archieve at the bottom of Blog" because we always tell with those proofs which no one can deny.
We clearly told for down moves yesterday also and told following lines in Technical Analysis and Market Outlook(13-03-2013)
1- possibility of Pull Back rally termination as well as down moves in the coming sessions.
2- despite more down moves possibility.
As was continuously told same happened in first 5 hours today and selling was seen between 5874-5893 after gap down opening and closing near lower levels of the day as well as more down moves will be seen in the coming sessions. As selling markets remains more volatile therefore some up moves may be seen from lower levels but today good selling between 5874-5893 and this range has become immediate resistance,until Nifty will not sustain above it till then next up move will not be considered.