Nifty-Intra Day Chart (25-Nov-2013):-
Technical Patterns and Formations in today intraday charts
1- Fast up moves immediately after strong opening.
2- More than 3 hours down moves in Bullish Falling Channels.
3- Strong up moves in last 2 hours.
4- Whole day actual trading between 6035-6123
As selling between 6028-6061 in last 2 sessions therefore firstly more than 3 hours consolidation though down moves from higher levels in Bullish Falling Channels and after that strong rally in last 2 hours as well as confirmation of impulsive Wave-3 continuation after correction completion. Expected that today started rally will remain continued in the coming sessions.
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1- Fast up moves immediately after strong opening.
2- More than 3 hours down moves in Bullish Falling Channels.
3- Strong up moves in last 2 hours.
4- Whole day actual trading between 6035-6123
Conclusions from intra day chart analysis
As selling between 6028-6061 in last 2 sessions therefore firstly more than 3 hours consolidation though down moves from higher levels in Bullish Falling Channels and after that strong rally in last 2 hours as well as confirmation of impulsive Wave-3 continuation after correction completion. Expected that today started rally will remain continued in the coming sessions.
Next strong resistance is between 6186-6212 and once sustaining above it will mean up moves towards recent top at 6342.95 as well as such up moves are expected also in the coming sessions and weeks.