Nifty-Intra Day Chart (Aug 19 & Aug 20,2013):-
Technical Patterns and Formations in last 2 Sessions intraday charts
1- Down moves in Bullish Falling Channel on 19-08-2013
2- Consolidation at lower levels between 5360-5400 on 19-08-2013
3- Up moves in Bearish Rising Channel on 20-08-2013
4- Selling between 5405-5415 on 20-08-2013
5- More than 8 hours trading between 5360-5420 with mixed patterns in last 2 sessions.
6- 2 Sessions actual trading between 5306-5465
As most depressing news flow(Indian Rupee weakening by 2% and weaker Global markets) therefore Nifty slipped more than 100 points within first 2 minutes but strong recovery from lower levels also because whole day good consolidation yesterday. More than 2 hours consolidation between 5360-5400 yesterday and more than 5 hours trading within this range today with higher levels selling.
It is clear from last 2 sessions trading that both consolidation and selling seen between 5306-5465 and more than 8 hours trading between 5360-5420 with mixed intraday patterns therefore Indian markets are not mature for any side decisive moves and will firstly prepare for next moves between 5360-5420 and sustaining it beyond should be watched in the coming sessions for next Short Term Trend confirmations.
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1- Down moves in Bullish Falling Channel on 19-08-2013
2- Consolidation at lower levels between 5360-5400 on 19-08-2013
3- Up moves in Bearish Rising Channel on 20-08-2013
4- Selling between 5405-5415 on 20-08-2013
5- More than 8 hours trading between 5360-5420 with mixed patterns in last 2 sessions.
6- 2 Sessions actual trading between 5306-5465
Conclusions from 2 Sessions intra day chart analysis
As most depressing news flow(Indian Rupee weakening by 2% and weaker Global markets) therefore Nifty slipped more than 100 points within first 2 minutes but strong recovery from lower levels also because whole day good consolidation yesterday. More than 2 hours consolidation between 5360-5400 yesterday and more than 5 hours trading within this range today with higher levels selling.
It is clear from last 2 sessions trading that both consolidation and selling seen between 5306-5465 and more than 8 hours trading between 5360-5420 with mixed intraday patterns therefore Indian markets are not mature for any side decisive moves and will firstly prepare for next moves between 5360-5420 and sustaining it beyond should be watched in the coming sessions for next Short Term Trend confirmations.