Nifty-Intra Day Chart (10-Jun-2013):-
Technical Patterns and Formations in today intraday charts
1-Supports between 5874-5887.
2- Selling between 5904-5914.
3- Whole day actual trading between 5857-5931.
Correction continuation and today most time trading between next strong supports range(5860-5900) and testing of its lowest(5860) as well. Good selling at higher levels in previous week and today again selling above mentioned strong supports range also but lower levels supports also seen today. As today whole day trading was news driven because firstly blasting Global cues and resultant strong Green zone trading immediately after opening but sentiment dampened also because Indian Rupee continuously weakened whole day.
Final conclusion from today intraday trading is that positions are not one sided but mixed and valid break of today trading range will be next trend following confirmations:-
1- Deeper correction confirmation below 5857.
2- First indication of up moves above 5931 and confirmation will be after sustaining above 5981.
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1-Supports between 5874-5887.
2- Selling between 5904-5914.
3- Whole day actual trading between 5857-5931.
Conclusions from intra day chart analysis
Correction continuation and today most time trading between next strong supports range(5860-5900) and testing of its lowest(5860) as well. Good selling at higher levels in previous week and today again selling above mentioned strong supports range also but lower levels supports also seen today. As today whole day trading was news driven because firstly blasting Global cues and resultant strong Green zone trading immediately after opening but sentiment dampened also because Indian Rupee continuously weakened whole day.
Final conclusion from today intraday trading is that positions are not one sided but mixed and valid break of today trading range will be next trend following confirmations:-
1- Deeper correction confirmation below 5857.
2- First indication of up moves above 5931 and confirmation will be after sustaining above 5981.
As Bearish Head & Shoulders pattern formations confirmation and higher levels good selling in previous week and some selling also seen today therefore expected that follow up selling will develop in the coming sessions and high possibility of correction continuation after slipping and sustaining below today lowest(5857)