Nifty-Intra Day Chart (10-May-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6060-6075
2- Selling between 6047-6057
3- Mixed Patterns between 6079-6105
4- Whole day actual trading between 6047-6105
Although good selling at lower levels but Indian markets moved up because European markets moved up sharply after sudden sharp rise in US Futures as well as positive news of IIP numbers improvement. Closing near the top of the day after almost last 3 hours trading at intraday higher levels with mixed Pattern formations.
As sentiment is strong after more than 600 points rally in 20 sessions therefore closing near higher levels despite lower levels selling yesterday but sustaining with fresh consolidation at higher levels is must for next decisive rally continuation otherwise correction is very much due because selling patterns seen in previous sessions also.
All trends are up but indicators have started to show negative divergence in Overbought zone as well as emergence of selling patterns in intraday charts therefore correction is very much due now. As markets moves rolling on slowly in last legs of rally therefore without force up moves are being seen in previous sessions.
As sentiment is good today after US and European markets positive closing yesterday therefore Green zone trading will be seen in today short special session and new top above 6111.80 is also possible but it should be kept in mind that Short Term Correction is very much due and may begin any day.
 |
| Just click on chart for its enlarged view |
1- Selling between 6060-6075
2- Selling between 6047-6057
3- Mixed Patterns between 6079-6105
4- Whole day actual trading between 6047-6105
Conclusions from intra day chart analysis
Although good selling at lower levels but Indian markets moved up because European markets moved up sharply after sudden sharp rise in US Futures as well as positive news of IIP numbers improvement. Closing near the top of the day after almost last 3 hours trading at intraday higher levels with mixed Pattern formations.
As sentiment is strong after more than 600 points rally in 20 sessions therefore closing near higher levels despite lower levels selling yesterday but sustaining with fresh consolidation at higher levels is must for next decisive rally continuation otherwise correction is very much due because selling patterns seen in previous sessions also.
All trends are up but indicators have started to show negative divergence in Overbought zone as well as emergence of selling patterns in intraday charts therefore correction is very much due now. As markets moves rolling on slowly in last legs of rally therefore without force up moves are being seen in previous sessions.
As sentiment is good today after US and European markets positive closing yesterday therefore Green zone trading will be seen in today short special session and new top above 6111.80 is also possible but it should be kept in mind that Short Term Correction is very much due and may begin any day.