Nifty-Intra Day Chart (20-Jan-2014):-
Technical Patterns and Formations in today intraday charts
1- More than 5 hours today trading between 6274-6306
2- Selling patterns formation between 6296-6303
3- Consolidation between 6274-6286
4- Selling patterns formation between 6301-6306
5- Whole day actual trading between 6244-6306
23 sessions trading between 6130-6415 with following technical positions:-
1- 1st Resistance between 6324-6356
2- 2nd Resistance between 6360-6387
3- 1st Support between 6232-6266
4- 2nd Support between 6130-6186
More than 5 hours today trading between 6274-6306 with higher levels selling and lower levels buying therefore valid break out of this range will be next very Short Term moves confirmation. As multiple resistances above and multiple supports below above mentioned more than 5 hours today trading range therefore follow up consolidation is required for sustaining above 6387 and all time high as well as in the same manner complete selling is also must for sustaining below 23 sessions lowest(6130).
Only intraday volatility seen in last 2 sessions and Nifty could not sustain above last Thursday selling range(6300-6346) and follow up selling also seen just below it between 6296-6306 today therefore view is not Bullish despite today closing near the highest of today.
Indian markets are not trending but only sideways therefore next trend will get confirmations after sustaining beyond last 23 sessions range 6130-6387 and sustaining beyond above mentioned supports and resistances should be used for next decisive big trend 1st indication and final confirmation.
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1- More than 5 hours today trading between 6274-6306
2- Selling patterns formation between 6296-6303
3- Consolidation between 6274-6286
4- Selling patterns formation between 6301-6306
5- Whole day actual trading between 6244-6306
Conclusions from intra day chart analysis
23 sessions trading between 6130-6415 with following technical positions:-
1- 1st Resistance between 6324-6356
2- 2nd Resistance between 6360-6387
3- 1st Support between 6232-6266
4- 2nd Support between 6130-6186
More than 5 hours today trading between 6274-6306 with higher levels selling and lower levels buying therefore valid break out of this range will be next very Short Term moves confirmation. As multiple resistances above and multiple supports below above mentioned more than 5 hours today trading range therefore follow up consolidation is required for sustaining above 6387 and all time high as well as in the same manner complete selling is also must for sustaining below 23 sessions lowest(6130).
Only intraday volatility seen in last 2 sessions and Nifty could not sustain above last Thursday selling range(6300-6346) and follow up selling also seen just below it between 6296-6306 today therefore view is not Bullish despite today closing near the highest of today.
Indian markets are not trending but only sideways therefore next trend will get confirmations after sustaining beyond last 23 sessions range 6130-6387 and sustaining beyond above mentioned supports and resistances should be used for next decisive big trend 1st indication and final confirmation.