Nifty-Intra Day Chart (Apr 05 & Apr 08,2013):-
Technical Patterns and Formations in last 2 Sessions intraday charts
1- Down moves in Bullish Falling Channel on 05-04-2013
2- Support at lower levels between 5535-5546 in both sessions.
3- Selling Patterns between 5551-5560 on 08-04-2013
4- 2 Sessions actual trading between 5535-5575
Following Crucial levels have been broken down:-
1- 5629.95(Top of Wave 1)
2- 5669(200 Day EMA on 08-04-2012)
3- 5643(200 Day DMA at 08-04-2012)
4- 5548.35(Strong support because Wave v begun from this levels after almost 2 months range bound consolidations)
Only breaking down confirmations of above levels is left and that will be through valid break out of last 2 sessions 40 points narrow trading range(5535-5575) for following big moves:-
1- Below 5535 will mean crashing like situation in Indian markets and testing of unbelievable lower levels.
2- Above 5575 will mean Wave 5 beginning to form new highs above 6111 but after sustaining above Long Term Trend decider 200 Day EMA(5669)
As last 2 sessions trading with mixed intraday patterns formations between 5535-5575 therefore valid break out of this range must be firstly watched for above mentioned next trend confirmations.
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1- Down moves in Bullish Falling Channel on 05-04-2013
2- Support at lower levels between 5535-5546 in both sessions.
3- Selling Patterns between 5551-5560 on 08-04-2013
4- 2 Sessions actual trading between 5535-5575
Conclusions from 2 Sessions intra day chart analysis
Following Crucial levels have been broken down:-
1- 5629.95(Top of Wave 1)
2- 5669(200 Day EMA on 08-04-2012)
3- 5643(200 Day DMA at 08-04-2012)
4- 5548.35(Strong support because Wave v begun from this levels after almost 2 months range bound consolidations)
Only breaking down confirmations of above levels is left and that will be through valid break out of last 2 sessions 40 points narrow trading range(5535-5575) for following big moves:-
1- Below 5535 will mean crashing like situation in Indian markets and testing of unbelievable lower levels.
2- Above 5575 will mean Wave 5 beginning to form new highs above 6111 but after sustaining above Long Term Trend decider 200 Day EMA(5669)
As last 2 sessions trading with mixed intraday patterns formations between 5535-5575 therefore valid break out of this range must be firstly watched for above mentioned next trend confirmations.