Nifty-Intra Day Chart (15-Apr-2014):-
Technical Patterns and Formations in today intraday charts
1- Almost whole day trading between 6712-6748
2- Whole day actual trading between 6712-6813
Firstly sharp 100 points down in first 10 minutes and after that almost whole day 36 points narrow range trading between 6712-6748 which was almost within next support range(6706-6732) also. As whole day trading at such lower rates therefore follow up selling and more down moves possibility can not be ruled out today.
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1- Almost whole day trading between 6712-6748
2- Whole day actual trading between 6712-6813
Conclusions from intra day chart analysis
Firstly sharp 100 points down in first 10 minutes and after that almost whole day 36 points narrow range trading between 6712-6748 which was almost within next support range(6706-6732) also. As whole day trading at such lower rates therefore follow up selling and more down moves possibility can not be ruled out today.
Bearish Engulfing Candle formation also today therefore once valid breaking down of 6706 will mean sharp down towards next supports 6651-6671 and its possibility is very much alive today and valid break out of 6706-6748 will be next immediate moves confirmation.