Nifty-Intra Day Chart (08-May-2014):-
Technical Patterns and Formations in today intraday charts
1- Down Moves in Bullish Falling Channel
2- Last more than 3 hours trading between 6639-6660 with consolidation indications.
3- Whole day actual trading between 6639-6688.
Following lines were told at 07:26 AM on 05-05-2014 in Technical Analysis,Research & Weekly Outlook(May 05 to May 09,2014):-
1- Nifty may slip also below 20 sessions lowest (6651)
2- deeper correction will be considered after forcefully breaking down or sustaining below 6651
As was projected same happened and Nifty slipped below 6651 in last 2 sessions but without force and closed above 6651 in both sessions therefore no confirmation of sideways range breaking down yet. Although down moves and closing little above lower levels today and last 5 sessions also closed near the lower levels of the day but intraday charts of last 6 sessions are showing consolidation patterns formations therefore emergence of correction completion possibility and expected that finally Rally/up moves will be seen in the coming sessions.
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1- Down Moves in Bullish Falling Channel
2- Last more than 3 hours trading between 6639-6660 with consolidation indications.
3- Whole day actual trading between 6639-6688.
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):-
1- Nifty may slip also below 20 sessions lowest (6651)
2- deeper correction will be considered after forcefully breaking down or sustaining below 6651
As was projected same happened and Nifty slipped below 6651 in last 2 sessions but without force and closed above 6651 in both sessions therefore no confirmation of sideways range breaking down yet. Although down moves and closing little above lower levels today and last 5 sessions also closed near the lower levels of the day but intraday charts of last 6 sessions are showing consolidation patterns formations therefore emergence of correction completion possibility and expected that finally Rally/up moves will be seen in the coming sessions.