Nifty-Intra Day Chart (14-Oct-2013):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 6057-6090
2- Whole day actual trading between 6057-6156
Wave-3 is on but correction was expected after intraday selling in previous sessions and it was seen also on 14-10-2013 with sharp slipping from higher levels. As good consolidation at lower levels therefore until Nifty will not sustain below the lowest of the day(6057) till then next down moves will not be considered and correction completion will also be considered because some times Bull markets complete its correction within sideways market also.
Previous 3 sessions trading between 6046-6156 with lower levels supports and selling within this range also therefore expected that Nifty will firstly trade within this range and prepare for next trend and Valid break out of this range should be firstly watched in the coming sessions for deeper correction below 6046 or strong rally above 6156.
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1- Consolidation between 6057-6090
2- Whole day actual trading between 6057-6156
Conclusions from intra day chart analysis
Wave-3 is on but correction was expected after intraday selling in previous sessions and it was seen also on 14-10-2013 with sharp slipping from higher levels. As good consolidation at lower levels therefore until Nifty will not sustain below the lowest of the day(6057) till then next down moves will not be considered and correction completion will also be considered because some times Bull markets complete its correction within sideways market also.
Previous 3 sessions trading between 6046-6156 with lower levels supports and selling within this range also therefore expected that Nifty will firstly trade within this range and prepare for next trend and Valid break out of this range should be firstly watched in the coming sessions for deeper correction below 6046 or strong rally above 6156.
It should be kept in mind that once valid break out above 6156 will mean high possibility of new all time high formation and we are expecting it on 18-10-2013 or in next week.