Nifty-Intra Day Chart (09-Oct-2013):-
Technical Patterns and Formations in today intraday charts
1- Whole day up moves in Bearish Rising Channel.
2- Whole day actual trading between 5878-6015
Although gap down opening but closing at the highest level of the day with good 1.33% gains and closing above 20 sessions most time trading range(5737-5981) therefore emergence of next big up trend first indication but sustaining above 5981 is must for valid break out.
As Whole day up moves were in Bearish Rising Channel today therefore strong intraday up moves of today may be short covering rally and may fizzle out also.
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1- Whole day up moves in Bearish Rising Channel.
2- Whole day actual trading between 5878-6015
Conclusions from intra day chart analysis
Although gap down opening but closing at the highest level of the day with good 1.33% gains and closing above 20 sessions most time trading range(5737-5981) therefore emergence of next big up trend first indication but sustaining above 5981 is must for valid break out.
As Whole day up moves were in Bearish Rising Channel today therefore strong intraday up moves of today may be short covering rally and may fizzle out also.
Although whole sentiment is Bullish today but we are expecting some intraday correction tomorrow and telling for next moves confirmation through sustaining beyond 5981.