Nifty-Intra Day Chart (24-Dec-2013):-
Technical Patterns and Formations in today intraday charts
1- More than 4 hours trading between 6281-6301.
2- Down moves in Bullish Falling Channel.
3- Whole day actual trading between 6262-6301.
Whole day range bound trading between 39 points with firstly more than 4 hours trading between 6281-6301 and without as such selling patterns formations despite afterward down moves and closing near the lowest levels of the day. As down moves in Bullish Falling Channel and first 4 hours trading is also not showing as such intraday selling patterns therefore generation of consolidation signals also in a negaive zone closing day.
Indian markets are not prepared for any side decisive moves and will have to prepare for next trend between 6230-6380 in the coming sessions for next huge moves. Let market prepare for next trend then will be updated according to the confirmations from the intraday charts formations and for confirmations sustaining beyond following ranges should be watched:-
1- 6230-6380(For first strong indications of next trend)
2- 6130-6380(For the confirmations of next trend)
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1- More than 4 hours trading between 6281-6301.
2- Down moves in Bullish Falling Channel.
3- Whole day actual trading between 6262-6301.
Conclusions from intra day chart analysis
Whole day range bound trading between 39 points with firstly more than 4 hours trading between 6281-6301 and without as such selling patterns formations despite afterward down moves and closing near the lowest levels of the day. As down moves in Bullish Falling Channel and first 4 hours trading is also not showing as such intraday selling patterns therefore generation of consolidation signals also in a negaive zone closing day.
Indian markets are not prepared for any side decisive moves and will have to prepare for next trend between 6230-6380 in the coming sessions for next huge moves. Let market prepare for next trend then will be updated according to the confirmations from the intraday charts formations and for confirmations sustaining beyond following ranges should be watched:-
1- 6230-6380(For first strong indications of next trend)
2- 6130-6380(For the confirmations of next trend)