Nifty-Intra Day Chart (19-Feb-2013):-
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Technical Patterns and Formations in today intraday charts
1- Consolidation between 5883-5900
2- Strong up moves in last 1 hour.
3- Whole day actual trading between 5883-5946
Conclusions from intra day chart analysis
Although strong up moves in last 1 hour today but when Nifty was trading near lower levels then consolidation patterns formation was told
at 01:41:00 PM and following lines were told in Mid-session Outlook(19-02-2013):-
1- Although slipping from higher levels today but not showing as such selling formations and emergence of consolidation patterns formation also
2- at present view is not Bearish despite slipping from higher levels.
Although strong up moves in last 1 hour today after lower levels consolodation between 5854-5900 in last 3 sessions but following lines were told on
09-02-2013 in Pre-Budget Rally after Correction Completion:-
"As strong supports(5823)are lying near 50 %(5829) retracement levels therefore high possibility of correction completion and up moves beginning from near about these levels"
9 Sessions highest closing today with lower levels good consolidations therefore up moves continuation possibility but complete follow up consolidation is required for sustaining above multiple resistances up to 6111. Next resistance is between 5960-5985 and sustaining above it must for today started up moves continuation confirmations.
