Nifty-Intra Day Chart (12-Mar-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 6488-6501
2- Consolidation between 6495-6508
3- Selling between 6531-6546
4- Whole day actual trading between 6488-6546
All trends are up and Short Term indicators are overbought therefore emergence of Short Term Correction possibility. It should be kept in mind that market require complete selling patterns formations for any decisive deeper down moves and some times Bullish markets complete its correction in sideways moves at higher levels or with small down moves also.
Although most depressing Global markets but we continuously updated following conclusions in previous 10 Outlooks:-
1- until fresh selling patterns will not develop till then any correction will not be considered.
2- sustaining beyond 6487-6562 will be next decisive moves confirmation as well as should be firstly watched.
Nifty traded between 6487-6562 in last 3 sessions with lower levels good consolidation and supports as well as some selling at higher levels also therefore mixed trading patterns formations in previous 3 sessions, Expected that Nifty will firstly trade and prepare for next decisive moves between previous 3 sessions range(6487-6562) and sustaining beyond this range will be next trend confirmation.
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1- Consolidation between 6488-6501
2- Consolidation between 6495-6508
3- Selling between 6531-6546
4- Whole day actual trading between 6488-6546
Conclusions from intra day chart analysis
All trends are up and Short Term indicators are overbought therefore emergence of Short Term Correction possibility. It should be kept in mind that market require complete selling patterns formations for any decisive deeper down moves and some times Bullish markets complete its correction in sideways moves at higher levels or with small down moves also.
Although most depressing Global markets but we continuously updated following conclusions in previous 10 Outlooks:-
1- until fresh selling patterns will not develop till then any correction will not be considered.
2- sustaining beyond 6487-6562 will be next decisive moves confirmation as well as should be firstly watched.
Nifty traded between 6487-6562 in last 3 sessions with lower levels good consolidation and supports as well as some selling at higher levels also therefore mixed trading patterns formations in previous 3 sessions, Expected that Nifty will firstly trade and prepare for next decisive moves between previous 3 sessions range(6487-6562) and sustaining beyond this range will be next trend confirmation.
As lower levels good supports and Nifty sustained above 6487 despite most Bearish Global markets on Monday and today therefore expected that finally rally will remain continued above 6562 after follow up consolidations. Our view is still Bullish despite Red closing of all Asian markets today and more than .90% down all European markets as well as more than .30% weak US markets at this moment.