Nifty-Intra Day Chart (13-Mar-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6543-6561
2- 55 Points sharp fall in only 15 minutes
3- Whole day actual trading between 6477-6561
As soon as selling signals emerged then following line was told at 1:25 PM in Mid-session Outlook:-
All trends are up and Short term correction was due which was seen after higher levels good selling and until Nifty will not sustain above today highest(6561) till then next rally will not be considered and consolidation is firstly required for any decisive moves above 6561.
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1- Selling between 6543-6561
2- 55 Points sharp fall in only 15 minutes
3- Whole day actual trading between 6477-6561
Conclusions from intra day chart analysis
As soon as selling signals emerged then following line was told at 1:25 PM in Mid-session Outlook:-
emergence of some selling signals also therefore view is cautious
Forceful break out possibility was told at 02:27 PM in Mid-session Outlook-2 and it started at 02:38PM as well as Nifty crashed 55 points in only 15 minutes.
All trends are up and Short term correction was due which was seen after higher levels good selling and until Nifty will not sustain above today highest(6561) till then next rally will not be considered and consolidation is firstly required for any decisive moves above 6561.
Good consolidation seen above 6487 in previous sessions therefore sustaining below 6487 should be firstly watched tomorrow and once sustaining below it will mean deeper correction confirmation and correction of rally between 5933-6561.