Nifty-Intra Day Chart (12-Aug-2013):-
Technical Patterns and Formations in today intraday charts
1-Support between 5557-5571
2-More than 4 hours Up moves in Broadening pattern.
3-Selling between 5620-5644
4-Broadening pattern broken down
5- Whole day actual trading between 5557-5644
Following lines were told yesterday in Technical Analysis,Research & Weekly Outlook(Aug 12 to Aug 16,2013):-
indicators are oversold therefore Pull Back Rally/Short Term up moves possibility can not be ruled out. As some supports were also seen at lower levels in last 2 sessions of previous week therefore its possibility is still alive.
Pull Back Rally seen in Broadening pattern after lower levels supports but Broadening pattern broken down after higher levels good selling and emergence of last Wednesday started Pull Back Rally termination possibility. As higher levels good selling therefore next up move will not be considered until Nifty will not sustain above today highest(5644.10)
Next resistance range is between 5680-5720 and intraday selling seen below it today,follow up selling tomorrow and slipping below today lowest(5557) will mean will mean high possibility of on going correction continuation after completion of Pull Back Rally today because higher levels some selling was seen in last 2 sessions of previous week also.
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1-Support between 5557-5571
2-More than 4 hours Up moves in Broadening pattern.
3-Selling between 5620-5644
4-Broadening pattern broken down
5- Whole day actual trading between 5557-5644
Conclusions from intra day chart analysis
Following lines were told yesterday in Technical Analysis,Research & Weekly Outlook(Aug 12 to Aug 16,2013):-
indicators are oversold therefore Pull Back Rally/Short Term up moves possibility can not be ruled out. As some supports were also seen at lower levels in last 2 sessions of previous week therefore its possibility is still alive.
Pull Back Rally seen in Broadening pattern after lower levels supports but Broadening pattern broken down after higher levels good selling and emergence of last Wednesday started Pull Back Rally termination possibility. As higher levels good selling therefore next up move will not be considered until Nifty will not sustain above today highest(5644.10)
Next resistance range is between 5680-5720 and intraday selling seen below it today,follow up selling tomorrow and slipping below today lowest(5557) will mean will mean high possibility of on going correction continuation after completion of Pull Back Rally today because higher levels some selling was seen in last 2 sessions of previous week also.