Nifty-Intra Day Chart (30-Apr-2013):-
Technical Patterns and Formations in today intraday charts
1 Consolidation between 5868-5905
3- Whole day actual trading between 5868-5944
As Supreme Court tough words on the government over the multi-million coal-scam therefore firstly slipping sharply but lower levels good consolidation also seen. Strong resistances were between 5820-5965 and Nifty traded between this range with lower levels good supports in last 4 sessions and also traded near the highs of this range therefore strong indications of resistance clearance and up moves above it.
All trends are up and technical strength as well therefore rally continuation is expected. As following reasons therefore mentioned resistance range valid break out above 5965 is also required for next strong rally confirmations:-
1- Political uncertainty may develop after Supreme Court hard comments on the government over the multi-million coal-scam.
2- Overbought indicators are suggesting for correction.
Pre-open Outlook(02-05-2013)
Most Asian markets are in Red zone today morning after negative closing of US markets yesterday therefore weak opening may be seen today but Indian markets will prepare today for post Credit Policy strong moves tomorrow. As consensus developed of rates cut by RBI on 03-05-2013 and expectations are high today therefore follow up moves have also to be watched today through intraday charts formations for understanding next big moves after Credit Policy tomorrow.
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1 Consolidation between 5868-5905
3- Whole day actual trading between 5868-5944
Conclusions from intra day chart analysis
As Supreme Court tough words on the government over the multi-million coal-scam therefore firstly slipping sharply but lower levels good consolidation also seen. Strong resistances were between 5820-5965 and Nifty traded between this range with lower levels good supports in last 4 sessions and also traded near the highs of this range therefore strong indications of resistance clearance and up moves above it.
All trends are up and technical strength as well therefore rally continuation is expected. As following reasons therefore mentioned resistance range valid break out above 5965 is also required for next strong rally confirmations:-
1- Political uncertainty may develop after Supreme Court hard comments on the government over the multi-million coal-scam.
2- Overbought indicators are suggesting for correction.
Pre-open Outlook(02-05-2013)
Most Asian markets are in Red zone today morning after negative closing of US markets yesterday therefore weak opening may be seen today but Indian markets will prepare today for post Credit Policy strong moves tomorrow. As consensus developed of rates cut by RBI on 03-05-2013 and expectations are high today therefore follow up moves have also to be watched today through intraday charts formations for understanding next big moves after Credit Policy tomorrow.