Nifty-Intra Day Chart (07-Aug-2013):-
Technical Patterns and Formations in today intraday charts
1- Lower levels supports and consolidation patterns formations
2- Higher tops(T1 to T4) and higher Bottoms(B1 to B4) formations.
3- Last half hour down moves in Bullish Falling Channel.
4- Selling at higher levels
5- Whole day actual trading between 5486-5561
Although closing near the lower levels of the day with higher levels some selling also but lower levels supports,higher tops and higher Bottoms formations and Last half hour down moves in Bullish Falling Channel were also seen therefore view will not be Bearish for Short Term Trend. Benchmark Indices closed 0.42% down but got supports at lower levels also despite all around following negative news flow:-
1- Indian Rupee weakness since opening today.
2- Indo Pak Border tension escalation.
3- Dow's Futures was more than 50 points down almost whole day.
4- Most Asian markets closed more than 1% down
Certainly Indian markets out performed and intraday patterns are showing above mentioned 1 to 3 positive formations therefore Pull Back Rally/Short Term up moves hopes turned alive today and we are seeing its high possibility also.
As market slipped in last hour and it may be a signal of loosing strength and weakness also therefore precaution is required and valid break out of today trading range(5486-5561) should also be watched for next Short Term Trend trend confirmations
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1- Lower levels supports and consolidation patterns formations
2- Higher tops(T1 to T4) and higher Bottoms(B1 to B4) formations.
3- Last half hour down moves in Bullish Falling Channel.
4- Selling at higher levels
5- Whole day actual trading between 5486-5561
Conclusions from intra day chart analysis
Although closing near the lower levels of the day with higher levels some selling also but lower levels supports,higher tops and higher Bottoms formations and Last half hour down moves in Bullish Falling Channel were also seen therefore view will not be Bearish for Short Term Trend. Benchmark Indices closed 0.42% down but got supports at lower levels also despite all around following negative news flow:-
1- Indian Rupee weakness since opening today.
2- Indo Pak Border tension escalation.
3- Dow's Futures was more than 50 points down almost whole day.
4- Most Asian markets closed more than 1% down
Certainly Indian markets out performed and intraday patterns are showing above mentioned 1 to 3 positive formations therefore Pull Back Rally/Short Term up moves hopes turned alive today and we are seeing its high possibility also.
As market slipped in last hour and it may be a signal of loosing strength and weakness also therefore precaution is required and valid break out of today trading range(5486-5561) should also be watched for next Short Term Trend trend confirmations