Nifty-Intra Day Chart (27-May-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 7275-7310
2- Higher bottom formation
3- Up moves in Bearish Rising Channel
4- Whole day actual trading between 7275-7245
Correction continuation after huge selling under most heated sentiment due to Modi's Govt oath taking ceremony on 26-05-2014 and whole day negative zone trading today as well as -0.56% closing today. As lower levels consolidations with higher bottom formation therefore expected that Nifty will not easily sustain below next supports 7248 but up moves in Bearish Rising Channel were also seen in last 2 hours therefore firstly next trend confirmations is also required. Both consolidation and Bearish patterns seen between 7275-7245 today therefore firstly follow up moves with sustaining beyond today trading range should be watched for next immediate trend confirmations.
As huge selling yesterday therefore equally good consolidation is also required for fresh up moves therefore trading patterns of coming 2/3 sessions should be firstly watched. Follow up consolidation and sustaining above 7248 should be firstly watched in the coming sessions because that will mean fresh rally beginning after correction completion.
Correction continuation and signals of consolidation process beginning today,let it complete then fresh rally will be seen and following supports should be firstly watched:-
1- Support between 7248-7287
2- Support between 7193-7229
3- Supports between 7082-7102
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1- Consolidation between 7275-7310
2- Higher bottom formation
3- Up moves in Bearish Rising Channel
4- Whole day actual trading between 7275-7245
Conclusions from intra day chart analysis
Correction continuation after huge selling under most heated sentiment due to Modi's Govt oath taking ceremony on 26-05-2014 and whole day negative zone trading today as well as -0.56% closing today. As lower levels consolidations with higher bottom formation therefore expected that Nifty will not easily sustain below next supports 7248 but up moves in Bearish Rising Channel were also seen in last 2 hours therefore firstly next trend confirmations is also required. Both consolidation and Bearish patterns seen between 7275-7245 today therefore firstly follow up moves with sustaining beyond today trading range should be watched for next immediate trend confirmations.
As huge selling yesterday therefore equally good consolidation is also required for fresh up moves therefore trading patterns of coming 2/3 sessions should be firstly watched. Follow up consolidation and sustaining above 7248 should be firstly watched in the coming sessions because that will mean fresh rally beginning after correction completion.
Correction continuation and signals of consolidation process beginning today,let it complete then fresh rally will be seen and following supports should be firstly watched:-
1- Support between 7248-7287
2- Support between 7193-7229
3- Supports between 7082-7102