Nifty-Intra Day Chart (05-Jun-2013):-
Technical Patterns and Formations in today intraday charts
1- Down moves in Bullish Falling Channel with Bullish Rising Wedge formation within it.
2- Mixed Patterns between 5913-5934 in last more than 3 hours.
3- Whole day actual trading between 5886-5934
Firstly down moves in Bullish Falling Channel with Bullish Rising Wedge formation as well as out perormance against Global markets and up moves despite gap down weak opening of European markets with lower levels supports therefore clear signals of lower levels strength today but last more than 3 hours trading with Mixed Patterns formations therefore requirement of confirmations through following levels for immediate next moves.
1- As good supports above 5886 today therefore until Nifty will not sustain below it till then next down moves will not be considered.
2- Support between 5916-5932 on 03-06-2013 and supports seen below it today therefore valid break out above 5932 will be strong indication of on going correction completion.
3- Good selling between 5960-5981 on 04-06-2013 therefore correction completion confirmation will be only after sustaining above 5981.
4- Mixed Patterns between 5913-5934 in last more than 3 hours today and valid break out of this range will be next moves first indication.
Following line was told with calculation of 5841.10 on 03-06-2013 in Mid-session Outlook:-
 |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel with Bullish Rising Wedge formation within it.
2- Mixed Patterns between 5913-5934 in last more than 3 hours.
3- Whole day actual trading between 5886-5934
Conclusions from intra day chart analysis
Firstly down moves in Bullish Falling Channel with Bullish Rising Wedge formation as well as out perormance against Global markets and up moves despite gap down weak opening of European markets with lower levels supports therefore clear signals of lower levels strength today but last more than 3 hours trading with Mixed Patterns formations therefore requirement of confirmations through following levels for immediate next moves.
1- As good supports above 5886 today therefore until Nifty will not sustain below it till then next down moves will not be considered.
2- Support between 5916-5932 on 03-06-2013 and supports seen below it today therefore valid break out above 5932 will be strong indication of on going correction completion.
3- Good selling between 5960-5981 on 04-06-2013 therefore correction completion confirmation will be only after sustaining above 5981.
4- Mixed Patterns between 5913-5934 in last more than 3 hours today and valid break out of this range will be next moves first indication.
Following line was told with calculation of 5841.10 on 03-06-2013 in Mid-session Outlook:-
on going Wave-C may retrace up to 5841.10(6133.75-292.65).
As good supports at lower level seen in previous sessions therefore breaking down confirmation of above mentioned supports is also required for next down moves toward 5841.10
US markets are trading more than 1.25% down at this moment and such weak closing will mean high possibility of depressing Asian markets tomorrow morning and dampening of sentiments. Corrective Wave-C is already continued and such Bearish cues may drag down Indian market also but sustaining below 5886 should be firstly watched for next down moves confirmations because good supports above it in previous sessions.