Nifty-Intra Day Chart (10-Apr-2013):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 5488-5518
2- Sudden volatility
3- Up moves in Rising Channel which broken down also in last 15 minutes.
3- Whole day actual trading between 5478-5569
Recovery from lower levels after first 3 hours consolidation and after that high volatility with both side new highs and lows formations. Finally up moves seen in Rising Channel during last hours but Rising Channel broken down also in last 15 minutes. Sentiment was extremely depressed due to 5 crucial levels broken down confirmation therefore Bounce back(Pull Back rally) was expected and that was seen also but complete consolidation patterns are required for any decisive rally and at present only Pull Back rally continuation will be considered.
US markets are more than 1% up at this moment and such closing today will mean strong sentiment tomorrow morning and all the Asian markets may be strong resultant Gap Up opening can not be ruled out in Indian markets but all trends are down and multiple resistances at higher levels therefore until Nifty will not sustain above Long Term Trend decider 200 Day EMA(today at 5666) till then any decisive rally will not be considered. Sustaining above following levels will give next up moves confirmations one by one and failure will result down moves continuation but after fresh selling patterns formations:-
1- 5548.35(Strong support because Wave v begun from this levels after almost 2 months range bound consolidations)
2- 5629.95(Top of Wave 1)
3- Long Term Trend decider 200 Day DMA at 5647 on 10-04-2012
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1- Consolidation between 5488-5518
2- Sudden volatility
3- Up moves in Rising Channel which broken down also in last 15 minutes.
3- Whole day actual trading between 5478-5569
Conclusions from intra day chart analysis
Recovery from lower levels after first 3 hours consolidation and after that high volatility with both side new highs and lows formations. Finally up moves seen in Rising Channel during last hours but Rising Channel broken down also in last 15 minutes. Sentiment was extremely depressed due to 5 crucial levels broken down confirmation therefore Bounce back(Pull Back rally) was expected and that was seen also but complete consolidation patterns are required for any decisive rally and at present only Pull Back rally continuation will be considered.
US markets are more than 1% up at this moment and such closing today will mean strong sentiment tomorrow morning and all the Asian markets may be strong resultant Gap Up opening can not be ruled out in Indian markets but all trends are down and multiple resistances at higher levels therefore until Nifty will not sustain above Long Term Trend decider 200 Day EMA(today at 5666) till then any decisive rally will not be considered. Sustaining above following levels will give next up moves confirmations one by one and failure will result down moves continuation but after fresh selling patterns formations:-
1- 5548.35(Strong support because Wave v begun from this levels after almost 2 months range bound consolidations)
2- 5629.95(Top of Wave 1)
3- Long Term Trend decider 200 Day DMA at 5647 on 10-04-2012