Nifty-Intra Day Chart (02-Sep-2013):-
Technical Patterns and Formations in today intraday charts
1- Support between 5500-5530
2- Mixed patterns between 5527-5564
3- Whole day actual trading between 5490-5564
Sentiment sparked today morning after delaying of US Attack on Syria news and Dow's Futures trading more than 80 points up therefore most Asian markets traded and closed strong as well as gap up opening in European markets resultant whole day positive zone trading and closing with good gains in Indian markets today.
Firstly lower levels support between 5500-5530 but last 3 hours trading with mixed patterns between 5527-5564 therefore firstly follow up moves and after that valid break out of this range should be watched tomorrow for next immediate moves confirmations. Next resistance range was between 5530-5605 and Nifty traded between this range today but more strong resistances are within this range are between 5580-5605 therefore complete consolidation is required for decisive strong up moves after Intermediate Term Trend turning into up zone above 5605.
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1- Support between 5500-5530
2- Mixed patterns between 5527-5564
3- Whole day actual trading between 5490-5564
Conclusions from intra day chart analysis
Sentiment sparked today morning after delaying of US Attack on Syria news and Dow's Futures trading more than 80 points up therefore most Asian markets traded and closed strong as well as gap up opening in European markets resultant whole day positive zone trading and closing with good gains in Indian markets today.
Firstly lower levels support between 5500-5530 but last 3 hours trading with mixed patterns between 5527-5564 therefore firstly follow up moves and after that valid break out of this range should be watched tomorrow for next immediate moves confirmations. Next resistance range was between 5530-5605 and Nifty traded between this range today but more strong resistances are within this range are between 5580-5605 therefore complete consolidation is required for decisive strong up moves after Intermediate Term Trend turning into up zone above 5605.
As mixed trading patterns in last 3 hours therefore follow up selling and sustaining below 5490 will mean fresh down moves after completion of ongoing rally and expected that fresh down moves will begin after follow up selling in the coming 1/2 sessions.