Nifty-Intra Day Chart (02-Jan-2014):-
Technical Patterns and Formations in today intraday charts
1- Firstly fast forceful up moves immediately after opening.
2- More than 4 hours trading between 6328-6356
3- Sharp 75 points crashed in 15 minutes
4- Whole day actual trading between 6211-6356
7 sessions(from 23-12-2013 to 01-01-2014) trading between 6260-6344 and firstly breaking out of this range but after that sharp breaking down of this range also in highly volatile market today. Nifty closed well below 6260 at 6,221.15 today and once sustaining below 6260 will mean its breaking down confirmation and in that situation deeper correction will be seen and next big trend will be decided by valid break out of 18 previous sessions range(6130-6415)
As strong supports near 6130 and selling seen in previous week therefore following topic of Weekly Outlook(Dec 30 to Jan 03,2014) was updated on 29-12-2013:-
Next strong supports near 6130 and lowest of previous 7 sessions trading range is at 6260 therefore following trends will be decided by valid break out of 6130-6260:-
1- Below 6130 will mean high possibility of down moves towards 200-Day EMA(today at 5949)
2- Above 6260 will mean hopes of Wave-3 continuation turning alive but confirmation will be after sustaining above 6415.
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1- Firstly fast forceful up moves immediately after opening.
2- More than 4 hours trading between 6328-6356
3- Sharp 75 points crashed in 15 minutes
4- Whole day actual trading between 6211-6356
Conclusions from intra day chart analysis
7 sessions(from 23-12-2013 to 01-01-2014) trading between 6260-6344 and firstly breaking out of this range but after that sharp breaking down of this range also in highly volatile market today. Nifty closed well below 6260 at 6,221.15 today and once sustaining below 6260 will mean its breaking down confirmation and in that situation deeper correction will be seen and next big trend will be decided by valid break out of 18 previous sessions range(6130-6415)
As strong supports near 6130 and selling seen in previous week therefore following topic of Weekly Outlook(Dec 30 to Jan 03,2014) was updated on 29-12-2013:-
Next strong supports near 6130 and lowest of previous 7 sessions trading range is at 6260 therefore following trends will be decided by valid break out of 6130-6260:-
1- Below 6130 will mean high possibility of down moves towards 200-Day EMA(today at 5949)
2- Above 6260 will mean hopes of Wave-3 continuation turning alive but confirmation will be after sustaining above 6415.
Expected that Nifty will trade and prepare for next trend between 6130-6260 in the coming sessions.