Nifty-Intra Day Chart (04-Mar-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 6223-6246
2- Up moves but without force
3- Bearish Rising Wedge formations in last 2 hours
4- Whole day actual trading between 6223-6302
Firstly lower levels good consolidation and after that strong up moves because Russian President Putin ordered for the withdrawal of army from Ukraine and resultant Dow's Futures also sharply surged more than 100 points. Although today closing near the higher levels of today but selling patterns also developed at higher levels through without force up moves and Bearish Rising Wedge formations in last 2 hours therefore emergence of very short term correction possibility in the coming sessions before fresh rally above 6300/6358. Next resistances are as follows:-
1- 6320-6358
2- 6350-6380
Today closing near 6300 with Bearish patterns formations just below it and next resistances are just above it between 6320-6380 therefore complete consolidation is required for any decisive moves above 6380. Expected that Nifty will trade and prepare for next decisive moves between 6270-6380 in the coming sessions and follow up positions formations between this range will decide following next trends:-
1- Valid break out above 6380 will mean strong rally and new all time high formation.
2- Valid break down below 6270 will mean minimum Short Term correction and Range bound market between 5934-6380.
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1- Consolidation between 6223-6246
2- Up moves but without force
3- Bearish Rising Wedge formations in last 2 hours
4- Whole day actual trading between 6223-6302
Conclusions from intra day chart analysis
Firstly lower levels good consolidation and after that strong up moves because Russian President Putin ordered for the withdrawal of army from Ukraine and resultant Dow's Futures also sharply surged more than 100 points. Although today closing near the higher levels of today but selling patterns also developed at higher levels through without force up moves and Bearish Rising Wedge formations in last 2 hours therefore emergence of very short term correction possibility in the coming sessions before fresh rally above 6300/6358. Next resistances are as follows:-
1- 6320-6358
2- 6350-6380
Today closing near 6300 with Bearish patterns formations just below it and next resistances are just above it between 6320-6380 therefore complete consolidation is required for any decisive moves above 6380. Expected that Nifty will trade and prepare for next decisive moves between 6270-6380 in the coming sessions and follow up positions formations between this range will decide following next trends:-
1- Valid break out above 6380 will mean strong rally and new all time high formation.
2- Valid break down below 6270 will mean minimum Short Term correction and Range bound market between 5934-6380.