Nifty-Intra Day Chart (13-Feb-2014):-
Technical Patterns and Formations in today intraday charts
1- Whole day down moves.
2- Whole day actual trading between 5991-6094
Sentiment turned depressed today because:-
1- All the Global markets were trading and closed in Red.
2- Dow's Futures continuously moved down and one time it slipped 80 points.
3- Historical uproar in Parliament today.
As higher levels good selling yesterday and sentiment was dampened since opening today therefore whole day only continuous down moves and testing of next supports below 6000. Next supports are as follows:-
1- 5966-5992
2- 5963-5975
3- 5934-5954
Long Term Trend decider 200-Day EMA(today at 6003) will decide next big trend and until Nifty will not sustain below it till then view will be Bullish and rally expectation will remain alive despite today closing at lowest of the day after loosing 1.36% points. Long Term Trend turning down confirmation will be after sustaining below last support range(5934-5954) and firstly sustaining beyond 5934(last support)-6003(200-Day EMA) should be watched.
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1- Whole day down moves.
2- Whole day actual trading between 5991-6094
Conclusions from intra day chart analysis
Sentiment turned depressed today because:-
1- All the Global markets were trading and closed in Red.
2- Dow's Futures continuously moved down and one time it slipped 80 points.
3- Historical uproar in Parliament today.
As higher levels good selling yesterday and sentiment was dampened since opening today therefore whole day only continuous down moves and testing of next supports below 6000. Next supports are as follows:-
1- 5966-5992
2- 5963-5975
3- 5934-5954
Long Term Trend decider 200-Day EMA(today at 6003) will decide next big trend and until Nifty will not sustain below it till then view will be Bullish and rally expectation will remain alive despite today closing at lowest of the day after loosing 1.36% points. Long Term Trend turning down confirmation will be after sustaining below last support range(5934-5954) and firstly sustaining beyond 5934(last support)-6003(200-Day EMA) should be watched.
Indian markets are not trending but sideways between 5934-6106 and Nifty will firstly prepare within it for next trend as well as will take its own time in this process. Valid break out of this range will be next trend confirmation and should be watched.