Nifty-Intra Day Chart (10-Feb-2014):-
Technical Patterns and Formations in today intraday charts
1- Firstly Down Moves in Bullish Falling Channel in first hour.
2- Consolidation and supports between 6053-6060
3- Selling between 6064-6071
4- Whole day actual trading between 6047-6083
Conclusions from intra day chart analysis
Although lower levels supports with consolidation pattern of Bullish Falling Channel but higher levels selling also between resistance ranges(6059-6097) therefore some down moves towards next supports(5992) will be seen.
Indian markets are preparing for next trend and it will take its own time because both higher levels strong resistances and good supports at lower levels also. Long Term Trend is sideways and Nifty hovered around its decider 200-Day EMA(today at 6002) in previous week,until Nifty will not sustain below it till then Bullish markets hopes will remain alive and expected that finally rally will remain continued after follow up consolidations near about next supports range(5934-5992)
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1- Firstly Down Moves in Bullish Falling Channel in first hour.
2- Consolidation and supports between 6053-6060
3- Selling between 6064-6071
4- Whole day actual trading between 6047-6083
Conclusions from intra day chart analysis
Although lower levels supports with consolidation pattern of Bullish Falling Channel but higher levels selling also between resistance ranges(6059-6097) therefore some down moves towards next supports(5992) will be seen.
Indian markets are preparing for next trend and it will take its own time because both higher levels strong resistances and good supports at lower levels also. Long Term Trend is sideways and Nifty hovered around its decider 200-Day EMA(today at 6002) in previous week,until Nifty will not sustain below it till then Bullish markets hopes will remain alive and expected that finally rally will remain continued after follow up consolidations near about next supports range(5934-5992)