Nifty-Intra Day Chart (27-Jan-2014):-
Technical Patterns and Formations in today intraday charts
1- Down moves in Bullish Falling Channel.
2- Selling patterns formation between 6170-6178
3- Whole day actual trading between 6130-6188
Firstly most depressed sentiment led huge gap down opening but after that whole day down moves in Bullish Falling Channel therefore emergence of correction completion signal despite closing near the lowest level of the day.
Supports at 6130 was told more than 50 times in previous sessions and today lowest was at 6130.25 despite most dampened market mood. As Bullish Falling Channel like consolidation pattern seen therefore sustaining beyond 6130 should be firstly watched because slipping below 6130 can not be ruled out if sentiment remains depressed.
Long Term Trend is still up and previous 2 sessions down moves will be understood only correction and expected that Nifty will not sustain below its decider 200-Day EMA(today at 5996) as well as finally Impulsive Wave-3 rally will remain continued above all time high.
Now only correction completion confirmation is required for fresh rally beginning and expected that market will get supports between 5996-6130 as well as Nifty will not sustain below 5996 in worst sentimental situation also.
Let on going consolidation complete then rally will start and firstly sustaining beyond 6130 as well as finally sustaining beyond 5996 should be watched for correction confirmations.
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1- Down moves in Bullish Falling Channel.
2- Selling patterns formation between 6170-6178
3- Whole day actual trading between 6130-6188
Conclusions from intra day chart analysis
Firstly most depressed sentiment led huge gap down opening but after that whole day down moves in Bullish Falling Channel therefore emergence of correction completion signal despite closing near the lowest level of the day.
Supports at 6130 was told more than 50 times in previous sessions and today lowest was at 6130.25 despite most dampened market mood. As Bullish Falling Channel like consolidation pattern seen therefore sustaining beyond 6130 should be firstly watched because slipping below 6130 can not be ruled out if sentiment remains depressed.
Long Term Trend is still up and previous 2 sessions down moves will be understood only correction and expected that Nifty will not sustain below its decider 200-Day EMA(today at 5996) as well as finally Impulsive Wave-3 rally will remain continued above all time high.
Now only correction completion confirmation is required for fresh rally beginning and expected that market will get supports between 5996-6130 as well as Nifty will not sustain below 5996 in worst sentimental situation also.
Let on going consolidation complete then rally will start and firstly sustaining beyond 6130 as well as finally sustaining beyond 5996 should be watched for correction confirmations.