Nifty-Intra Day Chart (11-Dec-2013):-
Technical Patterns and Formations in today intraday charts
1- Down moves in Bullish Falling Channel.
2- Consolidation between 6280-6298
3- Whole day actual trading between 6280-6326
As down moves in Bullish Falling Channel and good consolidation at lower levels therefore until Nifty will not sustain below the lowest of today till next down moves will not be considered. All trends are up but very short term correction continuation after all time high formation on 09-12-2013. As lower levels good consolidations today therefore once sustaining above today lowest(6280) will mean rally continuation after very short term correction completion.
As US markets are trading in deep Red at this moment therefore sentiment may be weak tomorrow morning and firstly sustaining beyond today lowest(6280) should be watched tomorrow for next trend confirmation but expected that rally will be seen after sustaining above 6280.
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1- Down moves in Bullish Falling Channel.
2- Consolidation between 6280-6298
3- Whole day actual trading between 6280-6326
Conclusions from intra day chart analysis
As down moves in Bullish Falling Channel and good consolidation at lower levels therefore until Nifty will not sustain below the lowest of today till next down moves will not be considered. All trends are up but very short term correction continuation after all time high formation on 09-12-2013. As lower levels good consolidations today therefore once sustaining above today lowest(6280) will mean rally continuation after very short term correction completion.
As US markets are trading in deep Red at this moment therefore sentiment may be weak tomorrow morning and firstly sustaining beyond today lowest(6280) should be watched tomorrow for next trend confirmation but expected that rally will be seen after sustaining above 6280.