Nifty-Intra Day Chart (28-Nov-2013):-
Technical Patterns and Formations in today intraday charts
1- Higher levels selling.
2- Down moves in Bullish Falling Channel.
3- Strong recovery from lower levels in last half hour.
4- Whole day actual trading between 6070-6112
Although higher levels selling but down moves in Bullish Falling Channel therefore strong recovery from lower levels in last half hour and impulsive Wave-3 continuation after correction completion.
As some selling at higher levels today therefore only only sustaining above today highest should be watched for confirmations because that will mean fast up moves towards next strong resistance(6186-6212). Once sustaining above 6212 will mean rally continuation towards recent top at 6342.95 and such up moves are expected also in the coming sessions and weeks.
As sentiment may be heated tomorrow therefore some intraday volatility after profit booking may be seen and Long positions should be created after completion of intraday corrections.
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1- Higher levels selling.
2- Down moves in Bullish Falling Channel.
3- Strong recovery from lower levels in last half hour.
4- Whole day actual trading between 6070-6112
Conclusions from intra day chart analysis
Although higher levels selling but down moves in Bullish Falling Channel therefore strong recovery from lower levels in last half hour and impulsive Wave-3 continuation after correction completion.
As some selling at higher levels today therefore only only sustaining above today highest should be watched for confirmations because that will mean fast up moves towards next strong resistance(6186-6212). Once sustaining above 6212 will mean rally continuation towards recent top at 6342.95 and such up moves are expected also in the coming sessions and weeks.
As sentiment may be heated tomorrow therefore some intraday volatility after profit booking may be seen and Long positions should be created after completion of intraday corrections.