Nifty-Intra Day Chart (30-May-2013):-
Technical Patterns and Formations in today intraday charts
1- Sideways trading with mixed patterns between 6079-6110 up to 3:00 PM
2- Firstly sharp up and some volatility in last half hour.
3- Whole day actual trading between 6079-6133
Impulsive Wave-B of corrective 'ABC' continuation and closing at its top yesterday but after almost 6 hours mixed patterns formations trading. As most time trading between 6056-6127 in last 3 sessions with mixed trading patterns therefore technically market is not prepared for any side decisive moves and will again prepare for next moves near about mentioned range(6056-6127) despite closing at the top of last 3 days yesterday.
As strong resistances are lying between 6130-6180 therefore complete consolidation is required for sustaining above 6180. Last 3 sessions trading range is just below it,follow up selling in the coming sessions and once slipping below 6056 will mean steep fall also. As sideways market is expected in the coming session and next move preparation will be seen between 6056-6180 therefore its valid break out should be firstly watched for big trend confirmations.
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1- Sideways trading with mixed patterns between 6079-6110 up to 3:00 PM
2- Firstly sharp up and some volatility in last half hour.
3- Whole day actual trading between 6079-6133
Conclusions from intra day chart analysis
Impulsive Wave-B of corrective 'ABC' continuation and closing at its top yesterday but after almost 6 hours mixed patterns formations trading. As most time trading between 6056-6127 in last 3 sessions with mixed trading patterns therefore technically market is not prepared for any side decisive moves and will again prepare for next moves near about mentioned range(6056-6127) despite closing at the top of last 3 days yesterday.
As strong resistances are lying between 6130-6180 therefore complete consolidation is required for sustaining above 6180. Last 3 sessions trading range is just below it,follow up selling in the coming sessions and once slipping below 6056 will mean steep fall also. As sideways market is expected in the coming session and next move preparation will be seen between 6056-6180 therefore its valid break out should be firstly watched for big trend confirmations.