Nifty-Intra Day Chart (16-Apr-2013):-
Technical Patterns and Formations in today intraday charts
1- Whole day up moves but slow.
2- Bearish Rising Wedge formations in last hours.
3- Whole day actual trading between 5566-5699
Following Crucial levels were broken down in previous 8 sessions:-
1- 5629.95(Top of Wave 1)
2- Long Term Trend decider 200 Day EMA(today at 5664)
3- Long Term Trend decider 200 Day DMA(today at 5657)
4- 5548.35(Strong support broken down)
Nifty traded between 5478-5610 in previous 8 sessions and this range broken out forcefully today with out performance of Indian markets over all Global markets as well as closing seen above Long Term Trend decider 200 Day EMA(today at 5664) therefore strong indications of rally continuation after correction completion.
As whole day slow up moves with Bearish Rising Wedge formations in last hours at the top of the day therefore firstly sustaining above following levels is must for the continuation of today started up moves as well as Wave-5 rally confirmations after corrective Wave-4 completion.
1- Long Term Trend decider 200 Day EMA(5664)
2- Above today top(5699)
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1- Whole day up moves but slow.
2- Bearish Rising Wedge formations in last hours.
3- Whole day actual trading between 5566-5699
Conclusions from intra day chart analysis
Following Crucial levels were broken down in previous 8 sessions:-
1- 5629.95(Top of Wave 1)
2- Long Term Trend decider 200 Day EMA(today at 5664)
3- Long Term Trend decider 200 Day DMA(today at 5657)
4- 5548.35(Strong support broken down)
Nifty traded between 5478-5610 in previous 8 sessions and this range broken out forcefully today with out performance of Indian markets over all Global markets as well as closing seen above Long Term Trend decider 200 Day EMA(today at 5664) therefore strong indications of rally continuation after correction completion.
As whole day slow up moves with Bearish Rising Wedge formations in last hours at the top of the day therefore firstly sustaining above following levels is must for the continuation of today started up moves as well as Wave-5 rally confirmations after corrective Wave-4 completion.
1- Long Term Trend decider 200 Day EMA(5664)
2- Above today top(5699)
Although crucial levels are broken out in very Short Term but Confirmations are always must for decisive Trend formation therefore we always gave those levels of which breaking down confirmation was must for deeper down moves and market reversed today without giving breaking down confirmations. In the same manner above 2 levels have been given today for the confirmations Wave-5 strong rally.