Nifty-Intra Day Chart (07-Nov-2013):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 6209-6231
2- Selling between 6271-6287
3- Consolidation between 6181-6202
4- Whole day actual trading between 6181-6287
Highly volatile day with lower levels good consolidations and higher levels selling also therefore follow up moves and valid break out of today trading range(6181-6287) will be next trend confirmation.
As impulsive Wave-3 is on towards 6724.60 and previous 3 sessions down moves are only very Short Term correction therefore only limited down moves up to next supports(6194) were considered and were seen also with today closing at 6,187.25.
Although today closing is near the lowest of the day but last 1 hour lower levels good consolidation therefore rally continuation hopes above today highest(6,288.95) is alive and once sustaining it above will mean strong indication of very short term correction completion and impulsive Wave-3 continuation.
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1- Consolidation between 6209-6231
2- Selling between 6271-6287
3- Consolidation between 6181-6202
4- Whole day actual trading between 6181-6287
Conclusions from intra day chart analysis
Highly volatile day with lower levels good consolidations and higher levels selling also therefore follow up moves and valid break out of today trading range(6181-6287) will be next trend confirmation.
As impulsive Wave-3 is on towards 6724.60 and previous 3 sessions down moves are only very Short Term correction therefore only limited down moves up to next supports(6194) were considered and were seen also with today closing at 6,187.25.
Although today closing is near the lowest of the day but last 1 hour lower levels good consolidation therefore rally continuation hopes above today highest(6,288.95) is alive and once sustaining it above will mean strong indication of very short term correction completion and impulsive Wave-3 continuation.
Expected that tomorrow Nifty will firstly trade within today actual trading range(6181-6287) and finally sustain above 6287 in the coming week after follow up consolidations.