Nifty-Intra Day Chart (23-May-2013):-
Technical Patterns and Formations in today intraday charts
1- Sharp down after weak opening.
2- Sideways trading between 5955-6008 in last more than 4 hours.
3- Bullish Rising Wedge formations in last more than 2 hours.
Long and Intermediate Term trends are up and Short Term is down during on going correction.
Sharp down immediately after weak opening and sideways trading between 5955-6008 in last more than 4 hours with Bullish Rising Wedge formations yesterday therefore fresh up moves possibility turned alive and sustaining beyond mentioned trading range will decide following moves:-
1- Above 6008 will mean beginning of minimum Pull Back rally.
2- Below 5955 will mean following 2 levels should be firstly watched for on going correction completion:-
i- 38.2% Retracement level- 5941
ii- Next strong supports- 5935-5960
As 38.2% Retracement level lies between next strong support range therefore this range become most crucial and sustaining it beyond should also be watched for the confirmation of correction completion.
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1- Sharp down after weak opening.
2- Sideways trading between 5955-6008 in last more than 4 hours.
3- Bullish Rising Wedge formations in last more than 2 hours.
Conclusions from intra day chart analysis
Long and Intermediate Term trends are up and Short Term is down during on going correction.
Sharp down immediately after weak opening and sideways trading between 5955-6008 in last more than 4 hours with Bullish Rising Wedge formations yesterday therefore fresh up moves possibility turned alive and sustaining beyond mentioned trading range will decide following moves:-
1- Above 6008 will mean beginning of minimum Pull Back rally.
2- Below 5955 will mean following 2 levels should be firstly watched for on going correction completion:-
i- 38.2% Retracement level- 5941
ii- Next strong supports- 5935-5960
As 38.2% Retracement level lies between next strong support range therefore this range become most crucial and sustaining it beyond should also be watched for the confirmation of correction completion.