Nifty-Intra Day Chart (16-Jul-2013):-
Technical Patterns and Formations in today intraday charts
1- Firstly selling patterns formations.
2- Whole day up moves in Bearish Rising Channel.
3- Most time trading between 5930-5955
3- Whole day actual trading between 5930-5966
Firstly gap down opening and then up moves after bottom formation at 11:30 AM as well as closing near the higher levels of the day today. Most time trading between 5930-5955 and up moves seen within this range in Bearish rising Channel therefore no up moves confirmation from intraday charts formations despite today closing near higher levels of the day. As some selling patterns formations in first hour and Whole day up moves in Bearish rising Channel also seen therefore finally down moves below today lowest can not be ruled out but confirmation is firstly required through valid breaking out of above mentioned most time trading range(5930-5955).
It should also be kept in mind that after valid breaking down of following levels will be corrective Wave-C confirmation and deeper correction as well:-
1- 5930
2- 5918
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1- Firstly selling patterns formations.
2- Whole day up moves in Bearish Rising Channel.
3- Most time trading between 5930-5955
3- Whole day actual trading between 5930-5966
Conclusions from intra day chart analysis
Firstly gap down opening and then up moves after bottom formation at 11:30 AM as well as closing near the higher levels of the day today. Most time trading between 5930-5955 and up moves seen within this range in Bearish rising Channel therefore no up moves confirmation from intraday charts formations despite today closing near higher levels of the day. As some selling patterns formations in first hour and Whole day up moves in Bearish rising Channel also seen therefore finally down moves below today lowest can not be ruled out but confirmation is firstly required through valid breaking out of above mentioned most time trading range(5930-5955).
It should also be kept in mind that after valid breaking down of following levels will be corrective Wave-C confirmation and deeper correction as well:-
1- 5930
2- 5918
As selling indication seen in today intraday charts therefore finally down moves below 5918 turned alive today.