Nifty-Intra Day Chart (20-May-2014):-
Technical Patterns and Formations in today intraday charts
1- Most time trading between 7248-7287 with consolidation indications.
2- Higher levels selling
3- Whole day actual trading between 7248-7320
Nifty traded last 3 hours with Mixed Patterns between 7246-7287 yesterday with Mixed Patterns and most time trading between same range with consolidation indications today therefore emergence of fresh up moves posibility. As higher levels selling today and selling between 7358-7563 on 16-05-2014 therefore complete consolidation is required for next decisive up moves above 7563. Following lines were told on 19-05-2014 in Sideways Market between 7082-7563 and being repeated:-
1- Although finally rally continuation is expected above 7563 but oscillators are overbought and sentiment is over heated after Modi victory therefore Short Term correction possibility can not be ruled out
2- but follow up selling with sustaining below 7082 is must
3- at present Nifty will be understood sideways between 7082-7563 and sustaining it beyond will be next immediate Trend confirmation.
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1- Most time trading between 7248-7287 with consolidation indications.
2- Higher levels selling
3- Whole day actual trading between 7248-7320
Conclusions from intra day chart analysis
Nifty traded last 3 hours with Mixed Patterns between 7246-7287 yesterday with Mixed Patterns and most time trading between same range with consolidation indications today therefore emergence of fresh up moves posibility. As higher levels selling today and selling between 7358-7563 on 16-05-2014 therefore complete consolidation is required for next decisive up moves above 7563. Following lines were told on 19-05-2014 in Sideways Market between 7082-7563 and being repeated:-
1- Although finally rally continuation is expected above 7563 but oscillators are overbought and sentiment is over heated after Modi victory therefore Short Term correction possibility can not be ruled out
2- but follow up selling with sustaining below 7082 is must
3- at present Nifty will be understood sideways between 7082-7563 and sustaining it beyond will be next immediate Trend confirmation.
Technically last 3 sessions down moves will be understood only very Short Term correction and sustaining beyond 7082-7563 will be next big moves confirmation. Most time trading between 7246-7287 in last 2 sessions which means that fresh positions formations for next decisive moves. As per our view sustaining beyond this range should be firstly watched for next trend first indication.