Nifty-Intra Day Chart (26-Mar-2014):-
Technical Patterns and Formations in today intraday charts
1- First 5 hours trading with mixed patterns formations between 6606-6627
2- Consolidation between 6581-6595
3- Whole day actual trading between 6581-6627
Whatsoever happened today all that was told yesterday in Technical Analysis and Market Outlook(26-03-2014):-
1- Intraday charts of today are showing some selling indications
2- therefore follow up consolidations and sustaining above 6595 is must for rally continuation without any correction
3- if Asian markets also shows such Bullishness but sustaining above 6595 or huge gap up opening is must for further rally above 6595
As huge gap up opening was not seen today and intraday correction as well as consolidation was must therefore it was seen and Nifty slipped below 6595 and consolidated below it between 6581-6595. 11 sessions range(6433-6574) was broken out on 24-03-2014 but some selling was also seen above it in last 2 sessions therefore some more consolidation is required for the validity of range break out.
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1- First 5 hours trading with mixed patterns formations between 6606-6627
2- Consolidation between 6581-6595
3- Whole day actual trading between 6581-6627
Conclusions from intra day chart analysis
Whatsoever happened today all that was told yesterday in Technical Analysis and Market Outlook(26-03-2014):-
1- Intraday charts of today are showing some selling indications
2- therefore follow up consolidations and sustaining above 6595 is must for rally continuation without any correction
3- if Asian markets also shows such Bullishness but sustaining above 6595 or huge gap up opening is must for further rally above 6595
As huge gap up opening was not seen today and intraday correction as well as consolidation was must therefore it was seen and Nifty slipped below 6595 and consolidated below it between 6581-6595. 11 sessions range(6433-6574) was broken out on 24-03-2014 but some selling was also seen above it in last 2 sessions therefore some more consolidation is required for the validity of range break out.
As some selling was seen below 6627 therefore expected that March derivative expiry will not be seen above it and Nifty will trade and prepare for next decisive moves between 6566-6627 in the coming sessions.