Nifty-Intra Day Chart (06-Jun-2013):-
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Technical Patterns and Formations in today intraday charts
1- Firstly more than 5 hours up moves after lower levels good supports between 5870-5890.
2- Slipping in last hour after higher levels selling between 5943-5956.
3- Whole day actual trading between 5870-5956.
Conclusions from intra day chart analysis
Corrective Wave-C of corrective 'ABC' continuation toward its next target at 5841.10 but following consolidation patterns with lower levels supports seen during previous sessions therefore correction completion will also be considered above 5841.10:-
1- Support between 5916-5932 on 03-06-2013
2- Down moves in Bullish Falling Channel with Bullish Falling Wedge formation within it on 05-06-2013
3- Good supports between 5870-5890 on 06-06-2013 amid most depressing Global markets and Indian Rupee near all time lows.
Selling also seen in previous sessions at higher levels:-
1- Good selling between 5960-5981 on 04-06-2013.
2- Selling between 5943-5956 on 06-06-2013.
Although good supports at lower levels but equally good selling also in last 4 sessions between 5870-5981 therefore Indian markets will remain sideways today between mentioned range and prepare for next trend. Let preparation process complete and intraday charts start to show clear formations then will be updated accordingly. Finally sustaining beyond 5870-5981 should also be watched for deeper correction correction below 5870 or rally beginning after 'ABC' correction completion above 5981.
We are continuously suggesting well in advance from intraday charts analysis before the beginning of next moves for the last more than 3 years and will do it again but no gossiping never guessing and whatsoever market suggest,only that is always updated.
