Nifty-Intra Day Chart (20-Feb-2014):-
Technical Patterns and Formations in today intraday charts
1- Lower levels some supports
2- Higher levels some selling
3- Sharp up after more than 1% down European markets opening.
4- Most time trading above 6106
5- Whole day actual trading between 6087-6129
Firstly almost 6 hours Volatility with lower levels buying and and higher levels selling above 6106. Indian markets out performed global cues and sharply up after more than 1% down opening of European markets therefore a sign of strength also today despite down moves in last hour and closing below 6106.
As mixed pattern formations in first more than 5 hours today above 6106 therefore firstly sustaining beyond 6106 should be watched tomorrow for:-
1- Down moves towards next supports(6045-6065) after sustaining below 6106
2- Firstly consolidation between 6106-6129 after sustaining above 6106 and then 1st sign of any up move after valid break out of 6129.
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1- Lower levels some supports
2- Higher levels some selling
3- Sharp up after more than 1% down European markets opening.
4- Most time trading above 6106
5- Whole day actual trading between 6087-6129
Conclusions from intra day chart analysis
Firstly almost 6 hours Volatility with lower levels buying and and higher levels selling above 6106. Indian markets out performed global cues and sharply up after more than 1% down opening of European markets therefore a sign of strength also today despite down moves in last hour and closing below 6106.
As mixed pattern formations in first more than 5 hours today above 6106 therefore firstly sustaining beyond 6106 should be watched tomorrow for:-
1- Down moves towards next supports(6045-6065) after sustaining below 6106
2- Firstly consolidation between 6106-6129 after sustaining above 6106 and then 1st sign of any up move after valid break out of 6129.
Sustaining beyond 6106 should be firstly watched tomorrow for above mentioned next moves.