Nifty-Intra Day Chart (23-Dec-2013):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6267-6315
2- Sharp down moves in last hour.
3- Whole day actual trading between 6272-6315
Although intraday correction through sharp down moves in last hour but its possibility was updated well before its happening and following line was told at 11:56 AM in Mid-session Outlook:-
Next strong resistances are between 6350-6380 and follow up selling seen below this range between 6267-6315 today but impulsive Wave-3 continuation and all trends are up as well as market is not prepared for deeper correction because only one day today selling after good consolidations in previous week.
As complete selling is also required for any big correction and more consolidation is also required for sustaining above 6315 and 6380 therefore Indian markets are not prepared for any side decisive moves and will firstly prepared for next trend between 6230-6380 in the coming sessions for next huge moves.
Expected that finally Nifty will sustain above 6380 and decisive strong rally will be seen after follow up consolidations in the coming sessions/week. Let market prepare then will be updated according to the completion of intraday charts formations in the same manner as being done for the last more than 4 years.
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1- Selling between 6267-6315
2- Sharp down moves in last hour.
3- Whole day actual trading between 6272-6315
Conclusions from intra day chart analysis
Although intraday correction through sharp down moves in last hour but its possibility was updated well before its happening and following line was told at 11:56 AM in Mid-session Outlook:-
some indications of profit booking today therefore emergence of minor intraday correction possibility
Next strong resistances are between 6350-6380 and follow up selling seen below this range between 6267-6315 today but impulsive Wave-3 continuation and all trends are up as well as market is not prepared for deeper correction because only one day today selling after good consolidations in previous week.
As complete selling is also required for any big correction and more consolidation is also required for sustaining above 6315 and 6380 therefore Indian markets are not prepared for any side decisive moves and will firstly prepared for next trend between 6230-6380 in the coming sessions for next huge moves.
Expected that finally Nifty will sustain above 6380 and decisive strong rally will be seen after follow up consolidations in the coming sessions/week. Let market prepare then will be updated according to the completion of intraday charts formations in the same manner as being done for the last more than 4 years.