Nifty-Intra Day Chart (03-Apr-2014):-
Technical Patterns and Formations in today intraday charts
1- Down moves in Bullish Falling Channel
2- Fast up in last half hour.
3- Whole day actual trading between 6697-6776
As continuous higher levels selling in last 3 sessions therefore very short term correction possibility was required and it was seen through most time down moves in Bullish Falling Channel which is consolidation pattern. Good selling in last 3 sessions therefore some down moves can not be ruled out during consolidation process but expected that Nifty will trade and prepare for next trend between last 3 sessions range(6675-6764) and valid break out of this range will be next Short Term Trend confirmation.
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1- Down moves in Bullish Falling Channel
2- Fast up in last half hour.
3- Whole day actual trading between 6697-6776
Conclusions from intra day chart analysis
As continuous higher levels selling in last 3 sessions therefore very short term correction possibility was required and it was seen through most time down moves in Bullish Falling Channel which is consolidation pattern. Good selling in last 3 sessions therefore some down moves can not be ruled out during consolidation process but expected that Nifty will trade and prepare for next trend between last 3 sessions range(6675-6764) and valid break out of this range will be next Short Term Trend confirmation.