Nifty-Intra Day Chart (29-Aug-2013):-
Technical Patterns and Formations in today intraday charts
1- Lower levels supports.
2- Higher levels mixed intraday patterns
3- Whole day actual trading between 5303-5428
As strong opening of Indian Rupee and some up moves in global markets therefore sentiment improved and firstly lower levels supports after gap up opening and whole day continuous up moves as well as Nifty sustains above immediate resistance(5355). Pull Back Rally continuation,next strong resistance is between 5490-5528 and until Nifty will not sustain above 5528 till then any big up move will not be considered.
Indian markets got good supports at lower levels supports yesterday and until equally good selling will not develop till then on going rally will not terminate. Expected that today started up moves continuation will be firstly seen tomorrow and also high possibility of rally completion near about mentioned resistance range(5490-5528) in the coming 2/3 sessions.
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1- Lower levels supports.
2- Higher levels mixed intraday patterns
3- Whole day actual trading between 5303-5428
Conclusions from intra day chart analysis
As strong opening of Indian Rupee and some up moves in global markets therefore sentiment improved and firstly lower levels supports after gap up opening and whole day continuous up moves as well as Nifty sustains above immediate resistance(5355). Pull Back Rally continuation,next strong resistance is between 5490-5528 and until Nifty will not sustain above 5528 till then any big up move will not be considered.
Indian markets got good supports at lower levels supports yesterday and until equally good selling will not develop till then on going rally will not terminate. Expected that today started up moves continuation will be firstly seen tomorrow and also high possibility of rally completion near about mentioned resistance range(5490-5528) in the coming 2/3 sessions.
Sustaining beyond 5490-5528 should be watched in the coming sessions for next Intermediate Term Trend confirmations.