Nifty-Intra Day Chart (04-Feb-2014):-
Technical Patterns and Formations in today intraday charts
1- Supports and consolidation between 5934-5954.
2- Up moves with consolidations
3- Whole day actual trading between 5934-6017.
Although most depressing Global cues led huge gap down opening but firstly lower levels supports and consolidation and after that up moves with consolidations in last 3 hours therefore emergence of correction completion first signal. As 40 Sessions trading range(6130-6415) broken down in previous week and slipping below Long Term trend decider 200-Day EMA also in both previous sessions of current week therefore certainly Long Term up trend is at stake and complete consolidation is required for its survival. Still hope of a rally because Nifty closed above 200-Day EMA(today at 6000) and if Nifty sustains above it in the coming sessions then that will be will be strong signal of correction completion.
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1- Supports and consolidation between 5934-5954.
2- Up moves with consolidations
3- Whole day actual trading between 5934-6017.
Conclusions from intra day chart analysis
Lot of more consolidation is required for correction completion and follow up consolidation as well as sustaining above 6000 will be correction completion and fresh rally confirmation therefore should be firstly watched in the coming sessions.