Nifty-Intra Day Chart (08-Oct-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 5955-5981
2- Down moves in Bullish Falling channel
3- Multiple supports at lower levels.
4- Whole day actual trading between 5913-5981
Although strong gap up opening after MSF rate cut news but not sustaining at higher levels because selling between 5955-5981. As today down moves in Bullish Falling channel and supports at lower levels also therefore rally continuation hopes are still alive because lower levels good supports seen yesterday.
News based 2 volatile sessions with lower levels supports yesterday and closing near higher levels amid most depressing Global markets but on the contrary higher levels selling today and closing near lower levels after positive news of MSF rates cut. Last 2 sessions moves are clear from last 2 sessions following chart:-
Nifty-Intra Day Chart (Oct 07 & Oct 08,2013):-
News based 2 volatile sessions with lower levels supports yesterday and higher levels selling today therefore Nifty will trade within 2 sessions range(5826-5981) as well as prepare for valid break out 2 sessions range.
20 Sessions sideways market between 5701-6142 and both Long Term Trend decider 200 Day SMA and 200 Day EMA are lying within this range,it is confirm that sustaining beyond this range will give very big moves in Indian markets. As most time trading between 5737-5981 therefore its valid break out will be next big trend first indication.
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| Just click on chart for its enlarged view |
1- Selling between 5955-5981
2- Down moves in Bullish Falling channel
3- Multiple supports at lower levels.
4- Whole day actual trading between 5913-5981
Conclusions from intra day chart analysis
Although strong gap up opening after MSF rate cut news but not sustaining at higher levels because selling between 5955-5981. As today down moves in Bullish Falling channel and supports at lower levels also therefore rally continuation hopes are still alive because lower levels good supports seen yesterday.
News based 2 volatile sessions with lower levels supports yesterday and closing near higher levels amid most depressing Global markets but on the contrary higher levels selling today and closing near lower levels after positive news of MSF rates cut. Last 2 sessions moves are clear from last 2 sessions following chart:-
Nifty-Intra Day Chart (Oct 07 & Oct 08,2013):-
 |
| Just click on chart for its enlarged view |
20 Sessions sideways market between 5701-6142 and both Long Term Trend decider 200 Day SMA and 200 Day EMA are lying within this range,it is confirm that sustaining beyond this range will give very big moves in Indian markets. As most time trading between 5737-5981 therefore its valid break out will be next big trend first indication.