Nifty-Intra Day Chart (28-May-2013):-
Technical Patterns and Formations in today intraday charts
1- Up moves in Bearish Rising channel.
3- Whole day actual trading between 6056-6127
Continuous up moves after 11:00 AM amid blasting Global cues but without required force and Indian markets under performed Global cues whole day therefore good selling can not be ruled yesterday and until Nifty will not sustain above yesterday highest(6127) till then decisive rally will not be considered. It should also be kept in mind that next resistances are lying between 6130-6180 and complete consolidation is required for crossing and sustaining above 6180.
For next trend confirmations valid break out of 6056-6180 should be firstly watched in the coming sessions and It should also be kept in mind that follow up selling and once slipping below 6056 will mean steep fall also.
Pre-open Outlook(29-05-2013)
Sentiment is bullish today morning after strong closing of US and European markets yesterday therefore Asian markets are trading with good gains today morning and positive opening will be seen in Indian markets also but view is still not Bullish and follow up moves with valid break out of above mentioned ranges will be firstly watched today for next trend confirmations.
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1- Up moves in Bearish Rising channel.
3- Whole day actual trading between 6056-6127
Conclusions from intra day chart analysis
Continuous up moves after 11:00 AM amid blasting Global cues but without required force and Indian markets under performed Global cues whole day therefore good selling can not be ruled yesterday and until Nifty will not sustain above yesterday highest(6127) till then decisive rally will not be considered. It should also be kept in mind that next resistances are lying between 6130-6180 and complete consolidation is required for crossing and sustaining above 6180.
For next trend confirmations valid break out of 6056-6180 should be firstly watched in the coming sessions and It should also be kept in mind that follow up selling and once slipping below 6056 will mean steep fall also.
Pre-open Outlook(29-05-2013)
Sentiment is bullish today morning after strong closing of US and European markets yesterday therefore Asian markets are trading with good gains today morning and positive opening will be seen in Indian markets also but view is still not Bullish and follow up moves with valid break out of above mentioned ranges will be firstly watched today for next trend confirmations.