Nifty-Intra Day Chart (Aug 27 & Aug 28,2013):-
Technical Patterns and Formations in last 2 Sessions intraday charts
1- Selling between 5320-5355 on 27-08-2013
2- Support between 5118-5200 on 28-08-2013
3- 2 Sessions actual trading between 5118-5427
Negative news(weak Indian Rupee,weaker Global markets,sharp rise in Crude prices and Syria crisis) based sharp down moves and high volatility in last 2 sessions as well as strong recovery from lower levels today but it should be kept in mind that Indian markets are the stiff grip of Bears and high volatility is Bear market nature which was seen in last 2 sessions.
199 Points strong recovery from lower levels after supports between 5118-5200 but some selling was seen between 5320-5355 yesterday therefore mixed trading patterns also in last 2 sessions and more preparation is required for any side decisive moves. Expected that finally down moves will be seen below today lowest(5118) but firstly Nifty will firstly remain range bound between 5118-5355 and will prepare for next decisive moves within this range. Sustaining beyond 5118-5355 should be firstly watched in the coming sessions for next Short Term or decisive moves confirmations.
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1- Selling between 5320-5355 on 27-08-2013
2- Support between 5118-5200 on 28-08-2013
3- 2 Sessions actual trading between 5118-5427
Conclusions from 2 Sessions intra day chart analysis
Negative news(weak Indian Rupee,weaker Global markets,sharp rise in Crude prices and Syria crisis) based sharp down moves and high volatility in last 2 sessions as well as strong recovery from lower levels today but it should be kept in mind that Indian markets are the stiff grip of Bears and high volatility is Bear market nature which was seen in last 2 sessions.
199 Points strong recovery from lower levels after supports between 5118-5200 but some selling was seen between 5320-5355 yesterday therefore mixed trading patterns also in last 2 sessions and more preparation is required for any side decisive moves. Expected that finally down moves will be seen below today lowest(5118) but firstly Nifty will firstly remain range bound between 5118-5355 and will prepare for next decisive moves within this range. Sustaining beyond 5118-5355 should be firstly watched in the coming sessions for next Short Term or decisive moves confirmations.