Nifty-Intra Day Chart (24-Feb-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 6132-6155
2- Up moves with continuous consolidations.
3- Whole day actual trading between 6131-6191.
As most Asian markets were depressing therefore sentiment turned weak and firstly negative zone trading after weak opening today. Firstly lower levels good consolidations and after that whole day up moves with follow up consolidations therefore following lines are being repeated which were today yesterday in Bullish Rally continuation:-
Rally is on and strong up moves continuation possibility is also very much alive but follow up consolidation is firstly required because Nifty closed within next resistance range after lower levels very good consolidation in last 3 weeks.
Next resistances are between 6130-6180 and once valid break out above 6180 will mean fast and strong rally toward next resistances:-
6265-6292
6320-6358
Expected that finally up moves toward 6265 will be seen after follow up consolidation in next week.
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1- Consolidation between 6132-6155
2- Up moves with continuous consolidations.
3- Whole day actual trading between 6131-6191.
Conclusions from intra day chart analysis
As most Asian markets were depressing therefore sentiment turned weak and firstly negative zone trading after weak opening today. Firstly lower levels good consolidations and after that whole day up moves with follow up consolidations therefore following lines are being repeated which were today yesterday in Bullish Rally continuation:-
Rally is on and strong up moves continuation possibility is also very much alive but follow up consolidation is firstly required because Nifty closed within next resistance range after lower levels very good consolidation in last 3 weeks.
Next resistances are between 6130-6180 and once valid break out above 6180 will mean fast and strong rally toward next resistances:-
6265-6292
6320-6358
Expected that finally up moves toward 6265 will be seen after follow up consolidation in next week.