Nifty-Intra Day Chart (17-Oct-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6085-6110
3- Whole day actual trading between 6033-6110
Indian markets are technically poised for all time high formations because Wave-3 is continued for targets above all time highs but sentiment turned depressed and seling developed because CBI filed a FIR against Kumar Mangalam Birla and Former coal secretary P C Parakh which shaked the confidence of Industry and bureaucracy.
As Prime Minister Manmohan Singh was coal Minister at the time of scam therefore Mr Parakh commented that Prime Minister Manmohan Singh cannot escape responsibility and he should also be an accused as he is equally responsible in coal block allocations.
Sentiment dampened because PM name was involved logically and market slipped after good selling at higher levels. Previous 3 sessions trading between 6046-6156 with lower levels supports and higher levels selling within this range and closing at the lowest of this range today at 6045.85 after good selling between 6085-6110 today therefore until Nifty will not sustain above today highest(6110) till then next up moves will not be considered.
Next trend confirmation through valid break out of 6046-6156 was told in most of the previous Outlooks today and Nifty closed at 6045.85,once sustaining below it will mean deeper correction after the failure of Wave-3 and should be firstly watched tomorrow for confirmations.
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1- Selling between 6085-6110
3- Whole day actual trading between 6033-6110
Conclusions from intra day chart analysis
Indian markets are technically poised for all time high formations because Wave-3 is continued for targets above all time highs but sentiment turned depressed and seling developed because CBI filed a FIR against Kumar Mangalam Birla and Former coal secretary P C Parakh which shaked the confidence of Industry and bureaucracy.
As Prime Minister Manmohan Singh was coal Minister at the time of scam therefore Mr Parakh commented that Prime Minister Manmohan Singh cannot escape responsibility and he should also be an accused as he is equally responsible in coal block allocations.
Sentiment dampened because PM name was involved logically and market slipped after good selling at higher levels. Previous 3 sessions trading between 6046-6156 with lower levels supports and higher levels selling within this range and closing at the lowest of this range today at 6045.85 after good selling between 6085-6110 today therefore until Nifty will not sustain above today highest(6110) till then next up moves will not be considered.
Next trend confirmation through valid break out of 6046-6156 was told in most of the previous Outlooks today and Nifty closed at 6045.85,once sustaining below it will mean deeper correction after the failure of Wave-3 and should be firstly watched tomorrow for confirmations.