Nifty-Intra Day Chart (03-Feb-2014):-
Technical Patterns and Formations in today intraday charts
1- First 3 hours selling between 6059-6074.
2- Down moves in Bullish Falling Channel in last 3 hours.
3- Whole day actual trading between 5995-6074
Firstly 3 hours selling and after that last 3 hours continuous down moves as well as slipping below 6000 where 200-Day EMA also lying therefore emergence of Long Term Trend turning down risk. As last 3 hours down moves in Bullish Falling Channel therefore first signal of down moves stopping and Pull Back Rally as well. If follow up consolidation develops near about 200-Day EMA then correction completion will be considered after sustaining above 200-Day EMA
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1- First 3 hours selling between 6059-6074.
2- Down moves in Bullish Falling Channel in last 3 hours.
3- Whole day actual trading between 5995-6074
Conclusions from intra day chart analysis
Firstly 3 hours selling and after that last 3 hours continuous down moves as well as slipping below 6000 where 200-Day EMA also lying therefore emergence of Long Term Trend turning down risk. As last 3 hours down moves in Bullish Falling Channel therefore first signal of down moves stopping and Pull Back Rally as well. If follow up consolidation develops near about 200-Day EMA then correction completion will be considered after sustaining above 200-Day EMA
Finally sustaining beyond 200-Day EMA(today at 5999) should be firstly watched in the coming sessions for the confirmations of Long Term trend.