Nifty-Intra Day Chart (07-May-2014):-
Technical Patterns and Formations in today intraday charts
1- Down Moves in Bullish Falling Channel
2- Whole day actual trading between 6643-6718
Following lines were told at 07:26 AM on 05-05-2014 in Technical Analysis,Research & Weekly Outlook(May 05 to May 09,2014)
Correction is on and coming week may be full of Parliamentary Election news flow therefore some volatility can not be ruled out and Nifty may slip also below 20 sessions lowest (6651) but deeper correction will be considered after forcefully breaking down or sustaining below 6651
Following lines were told at 12:29 AM on 07-05-2014 in Technical Analysis and Market Outlook(07-05-2014)
As US markets are .65% to 1.10% down at this moment and such weaker closing may result weakening of Asian markets but sustaining below 6651 is not expected and finally Rally/up moves are expected.
Indian markets did not moved down forcefully amid depressed sentiments and down moves were in Bullish Falling Channel therefore today trading will be understood a part of consolidation despite Nifty slipped below the lowest of last 23 sessions range(6651-6861).
As Nifty closed above 6651 at 6652.55 therefore no confirmation of sideways range breaking down today. Although down moves but today and last 4 sessions intraday charts showed consolidation patterns formations therefore finally Rally/up moves are expected in the coming sessions.
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1- Down Moves in Bullish Falling Channel
2- Whole day actual trading between 6643-6718
Conclusions from intra day chart analysis
Following lines were told at 07:26 AM on 05-05-2014 in Technical Analysis,Research & Weekly Outlook(May 05 to May 09,2014)
Correction is on and coming week may be full of Parliamentary Election news flow therefore some volatility can not be ruled out and Nifty may slip also below 20 sessions lowest (6651) but deeper correction will be considered after forcefully breaking down or sustaining below 6651
Following lines were told at 12:29 AM on 07-05-2014 in Technical Analysis and Market Outlook(07-05-2014)
As US markets are .65% to 1.10% down at this moment and such weaker closing may result weakening of Asian markets but sustaining below 6651 is not expected and finally Rally/up moves are expected.
Indian markets did not moved down forcefully amid depressed sentiments and down moves were in Bullish Falling Channel therefore today trading will be understood a part of consolidation despite Nifty slipped below the lowest of last 23 sessions range(6651-6861).
As Nifty closed above 6651 at 6652.55 therefore no confirmation of sideways range breaking down today. Although down moves but today and last 4 sessions intraday charts showed consolidation patterns formations therefore finally Rally/up moves are expected in the coming sessions.