Nifty-Intra Day Chart (20-Mar-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5730-5745
2- Down moves are in Bullish falling channel
3- Whole day actual trading between 5683-5745
200-Day EMA is at 5672 and Long Term Trend will be decided through sustaining it beyond,hovering around it is expected in the coming sessions. It should be kept in mind that political uncertainity may remain continued in the coming months and years also because till Elections always risk of Govt. falling and after Elections also things may be worst if next Prime Minister will be from other than Congress or BJP.
Technically huge selling at higher levels in last 3 months and down moves continuation is expected. A phase of political uncertainity may begin and different news led volatility may be seen also therefore day to day news will effect intraday trading. As, Mulayam Singh Yadav will take his decision of his supports to UPA Govt today. Expected that Mulayam Singh Yadav will not withdraw support today and only some conditions will be decided.
Although some selling at higher levels and slipped also yesterday but down moves were in Bullish falling channel therefore bounce back is expected today and some up moves also can not be ruled out after expected UPA Govt. favouring decision by Mulayam Singh Yadav today. As multiple resistance at higher levels therefore follow up consolidation is required for any decisive rally and following resistances have to be watched during expected up moves today:-
1- 5745
2- 5777
3- 5850
4- 5970(Strong resistance)
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1- Selling between 5730-5745
2- Down moves are in Bullish falling channel
3- Whole day actual trading between 5683-5745
Conclusions from intra day chart analysis
200-Day EMA is at 5672 and Long Term Trend will be decided through sustaining it beyond,hovering around it is expected in the coming sessions. It should be kept in mind that political uncertainity may remain continued in the coming months and years also because till Elections always risk of Govt. falling and after Elections also things may be worst if next Prime Minister will be from other than Congress or BJP.
Technically huge selling at higher levels in last 3 months and down moves continuation is expected. A phase of political uncertainity may begin and different news led volatility may be seen also therefore day to day news will effect intraday trading. As, Mulayam Singh Yadav will take his decision of his supports to UPA Govt today. Expected that Mulayam Singh Yadav will not withdraw support today and only some conditions will be decided.
Although some selling at higher levels and slipped also yesterday but down moves were in Bullish falling channel therefore bounce back is expected today and some up moves also can not be ruled out after expected UPA Govt. favouring decision by Mulayam Singh Yadav today. As multiple resistance at higher levels therefore follow up consolidation is required for any decisive rally and following resistances have to be watched during expected up moves today:-
1- 5745
2- 5777
3- 5850
4- 5970(Strong resistance)