Nifty-Intra Day Chart (15-Apr-2013):-
Technical Patterns and Formations in today intraday charts
1- Whole day Pull Back Rally in Rising Channel.
2- Selling patterns between 5570-5592
3- Rising Channel broken down.
3- Whole day actual trading between 5500-5592
Following conclusive lines were told yesterday in Technical Analysis,Research & Weekly Outlook(Apr 15 to Apr 18,2013)
Technically nothing is left for Bulls after crucial levels broken down confirmations but FIIs bought more than 3200 Cr in Stock Futures during April 2013 and lower levels supports were also seen in last 7 sessions as well as Indicators are showing positive divergence in Oversold zone therefore Pull Back Rally possibility turned alive and valid break out of previous 7 sessions trading range(5478-5610) should be firstly watched in next week for next Short Term Trend confirmations.
Whole day Pull Back Rally seen in Rising Channel but channel broken down after selling patterns formation at higher levels today and no specific position formation therefore expected that Nifty will firstly trade within 8 previous sessions trading range(5478-5610) and prepare for following decisive moves:-
1- Above 5610 will be 1st strong indication of correction completion and confirmation will be after sustaining above Long Term Trend decider 200 Day EMA(today at 5663)
2- Below 5478 will mean beginning of fresh huge fall because already confirmations of crucial levels broken down.
 |
| Just click on chart for its enlarged view |
1- Whole day Pull Back Rally in Rising Channel.
2- Selling patterns between 5570-5592
3- Rising Channel broken down.
3- Whole day actual trading between 5500-5592
Conclusions from intra day chart analysis
Following conclusive lines were told yesterday in Technical Analysis,Research & Weekly Outlook(Apr 15 to Apr 18,2013)
Technically nothing is left for Bulls after crucial levels broken down confirmations but FIIs bought more than 3200 Cr in Stock Futures during April 2013 and lower levels supports were also seen in last 7 sessions as well as Indicators are showing positive divergence in Oversold zone therefore Pull Back Rally possibility turned alive and valid break out of previous 7 sessions trading range(5478-5610) should be firstly watched in next week for next Short Term Trend confirmations.
Whole day Pull Back Rally seen in Rising Channel but channel broken down after selling patterns formation at higher levels today and no specific position formation therefore expected that Nifty will firstly trade within 8 previous sessions trading range(5478-5610) and prepare for following decisive moves:-
1- Above 5610 will be 1st strong indication of correction completion and confirmation will be after sustaining above Long Term Trend decider 200 Day EMA(today at 5663)
2- Below 5478 will mean beginning of fresh huge fall because already confirmations of crucial levels broken down.