Nifty-Intra Day Chart (21-Mar-2013):-
Technical Patterns and Formations in today intraday charts
1- Firstly bounce back after after UPA Govt. favouring decision by Mulayam Singh Yadav.
2- Selling between 5735-5757
3- Whole day actual trading between 5650-5757
Just click following topic links for the analysis of detailed technical analysis:-
1- Correction Continuation after Pull Back rally termination(Updated on 18-03-2013)
2- Testing possibility of 5672(Updated on 20-03-2013)
Although firstly down moves and bounce back after UPA Govt. favouring decision by Mulayam Singh Yadav but emergence of selling could not sustain above 1st resistance(5745) and continuous down moves in last more than 2 hours. Huge selling at higher levels in last more than 3 months with Bearish Head and Shoulders formation and today closing below Long Term Trend decider 200-Day EMA(5672) means high possibility of its turning down.
As 200-Day EMA breaking down was due to negative news of political uncertainly therefore sustaining below 5672 has also to be watched in the next 2/3 sessions for the confirmation of Long Term Trend turning down and beginning of Bear phase. Complete consolidation patterns are required on EOD charts for the beginning of decisive up moves but Pull Back rally can not be ruled out any day after intraday and 2/3 days consolidations.
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1- Firstly bounce back after after UPA Govt. favouring decision by Mulayam Singh Yadav.
2- Selling between 5735-5757
3- Whole day actual trading between 5650-5757
Conclusions from intra day chart analysis
Just click following topic links for the analysis of detailed technical analysis:-
1- Correction Continuation after Pull Back rally termination(Updated on 18-03-2013)
2- Testing possibility of 5672(Updated on 20-03-2013)
Although firstly down moves and bounce back after UPA Govt. favouring decision by Mulayam Singh Yadav but emergence of selling could not sustain above 1st resistance(5745) and continuous down moves in last more than 2 hours. Huge selling at higher levels in last more than 3 months with Bearish Head and Shoulders formation and today closing below Long Term Trend decider 200-Day EMA(5672) means high possibility of its turning down.
As 200-Day EMA breaking down was due to negative news of political uncertainly therefore sustaining below 5672 has also to be watched in the next 2/3 sessions for the confirmation of Long Term Trend turning down and beginning of Bear phase. Complete consolidation patterns are required on EOD charts for the beginning of decisive up moves but Pull Back rally can not be ruled out any day after intraday and 2/3 days consolidations.
View is cautious because high possibility of Long Term Trend turning down through finally sustaining below 5672.