Nifty-Intra Day Chart (May 23 to May 27,2013):-
Technical Patterns and Formations in last 3 Sessions intraday charts
1- Consolidation between 5936-6008 on 23-05-2013 and 24-05-2013.
2- More than 5 hours sideways trading between 6010-6034 with mixed patterns(means selling also) formations on 27-05-2013.
3- Sharp up moves in last hour on 27-05-2013.
4- 3 Sessions most time trading between 5936-6040.
5- 3 Sessions actual trading between 5936-6099.
As lower levels good consolidations on 23-05-2013 and 24-05-2013 therefore corrective Wave-A completion and impulsive Wave-B continuation. Following crucial retracement levels have not been tested yet after crossing of 38.2% yesterday:-
1- 50.0%- 6117
2- 61.8%- 6143
Next strong resistances are between 6130-6180 and sustaining beyond this range will decide the fate of on going impulsive Wave-B. Although strong up moves yesterday but more than 5 hours sideways trading between 6010-6034 with mixed patterns(means selling also) yesterday therefore follow up moves today sustaining beyond mentioned strong resistances should be firstly watched in the coming sessions for:-
1- High possibility of correction completion after sustaining above 6180
2- Corrective Wave-c continuation after after sustaining below 6130 for down moves below 5935.
Pre-open Outlook(28-05-2013)
Most Asian markets are in Green and Dow's Futures is trading more than 50 points up therefore sentiment is good today morning and positive zone trading will be firstly seen today. Sustaining beyond 6130 should be firstly watched today for next signal of impulsive Wave-B continuation/completion.
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1- Consolidation between 5936-6008 on 23-05-2013 and 24-05-2013.
2- More than 5 hours sideways trading between 6010-6034 with mixed patterns(means selling also) formations on 27-05-2013.
3- Sharp up moves in last hour on 27-05-2013.
4- 3 Sessions most time trading between 5936-6040.
5- 3 Sessions actual trading between 5936-6099.
Conclusions from 3 Sessions intra day chart analysis
As lower levels good consolidations on 23-05-2013 and 24-05-2013 therefore corrective Wave-A completion and impulsive Wave-B continuation. Following crucial retracement levels have not been tested yet after crossing of 38.2% yesterday:-
1- 50.0%- 6117
2- 61.8%- 6143
Next strong resistances are between 6130-6180 and sustaining beyond this range will decide the fate of on going impulsive Wave-B. Although strong up moves yesterday but more than 5 hours sideways trading between 6010-6034 with mixed patterns(means selling also) yesterday therefore follow up moves today sustaining beyond mentioned strong resistances should be firstly watched in the coming sessions for:-
1- High possibility of correction completion after sustaining above 6180
2- Corrective Wave-c continuation after after sustaining below 6130 for down moves below 5935.
Pre-open Outlook(28-05-2013)
Most Asian markets are in Green and Dow's Futures is trading more than 50 points up therefore sentiment is good today morning and positive zone trading will be firstly seen today. Sustaining beyond 6130 should be firstly watched today for next signal of impulsive Wave-B continuation/completion.