Nifty-Intra Day Chart (07-Oct-2013):-
Technical Patterns and Formations in today intraday charts
1- Support between 5826-5850
2- Strong recovery after lower levels support.
2- Whole day actual trading between 5826-5910
As following depressing news flow therefore most time negaive zone traing after fast slipping immediately after opening:-
1- US Futures were in deep Red whole day.
2- All Asian markets closed in Ted after most time negative zone trading and some closed sufficiently down.
3- All European traded in Deep Red after gap down opening during Indian markets trading hour.
Sentiment was completely depressed whole day but strong recovery from lower levels despite higher levels some selling last Friday because following positive news was in the pipe line which came out after closing of yesterday market:-
(Just click above topic link for detailed news)
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1- Support between 5826-5850
2- Strong recovery after lower levels support.
2- Whole day actual trading between 5826-5910
Conclusions from intra day chart analysis
As following depressing news flow therefore most time negaive zone traing after fast slipping immediately after opening:-
1- US Futures were in deep Red whole day.
2- All Asian markets closed in Ted after most time negative zone trading and some closed sufficiently down.
3- All European traded in Deep Red after gap down opening during Indian markets trading hour.
Sentiment was completely depressed whole day but strong recovery from lower levels despite higher levels some selling last Friday because following positive news was in the pipe line which came out after closing of yesterday market:-
(Just click above topic link for detailed news)
As strength shown and strong recovery from lower levels amid most negative Global markets as well as good news yesterday therefore some up moves will be seen today. Next resistance is at 5950 and sustaining above it will mean high possibility of Wave-3 rally after completion of Wave-2 correction.