Nifty-Intra Day Chart (27-Dec-2012):-
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Technical Patterns and Formations in intraday charts
1- Selling between 5904-5917
2- Last half hour sharp down.
3- Whole day actual trading between 5865-5917
Conclusions from intra day chart analysis
Long Term Trend is up,Intermediate and Short Term Trends are sideways for the last 18 Sessions between 5823-5965. Technical positions within this range are as follows:-
1- Supports between 5823-5865
2- Resistances between 5904-5965
US markets are more than 1% down today and such weaker closing will mean depressed sentiment tomorrow and weak opening is possible. Although good selling at higher levels but strong supports also at lower levels therefore expected that Nifty will firstly trade near about above mentioned supports range(5823-5865)
As impulsive Sub Wave-5 of Wave-3 continuation after 44 sessions Sub Wave-4 sideways correction(5549-5815) completion with Bullish Flag formation therefore rally possibility above 5965 is still alive but at present 18 sessions sideways market and its valid break out is firstly required for next immediate moves confirmations.
At present equally strong supports and resistances in last 18 sessions sideways market but sentiment may remains depressed tomorrow therefore
valid break out of following ranges should be firstly watched for next immediate moves and trends confirmations:-
1- For next moves 1st indication 5865-5904.
2- For next trend final confirmation 5823-5965.
