Nifty-Intra Day Chart (28-May-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 7303-7327
2- Whole day actual trading between 7303-7344
Whole day sideways trading within 41 points between 7303-7344 with lower levels supports and consolidation therefore emergence of rally beginning expectations after last Monday started correction completion because consolidation was seen above 7275 yesterday also. As selling with huge volumes between 7430-7504 last Monday also therefore firstly Nifty has to prepare for next decisive moves between 7275-7504. Long and Intermediate Term trends are up and Short Term Trend is sideways between 7275-7504 as well as immediate resistances and supports beyond this range are as follows:-
1- Resistances between 7505-7563
2- Support between 7248-7274
As resistances are just above 7504 and supports are just below 7275 therefore next decisive moves will start after valid break out of 7248-7563 in following manner:-
1- Sustaining above 7563 will mean fresh strong rally after correction completion.
2- Sustaining below 7248 will mean down moves towards following next supports:-
a- Support between 7193-7229
b- Supports between 7082-7102
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1- Consolidation between 7303-7327
2- Whole day actual trading between 7303-7344
Conclusions from intra day chart analysis
Whole day sideways trading within 41 points between 7303-7344 with lower levels supports and consolidation therefore emergence of rally beginning expectations after last Monday started correction completion because consolidation was seen above 7275 yesterday also. As selling with huge volumes between 7430-7504 last Monday also therefore firstly Nifty has to prepare for next decisive moves between 7275-7504. Long and Intermediate Term trends are up and Short Term Trend is sideways between 7275-7504 as well as immediate resistances and supports beyond this range are as follows:-
1- Resistances between 7505-7563
2- Support between 7248-7274
As resistances are just above 7504 and supports are just below 7275 therefore next decisive moves will start after valid break out of 7248-7563 in following manner:-
1- Sustaining above 7563 will mean fresh strong rally after correction completion.
2- Sustaining below 7248 will mean down moves towards following next supports:-
a- Support between 7193-7229
b- Supports between 7082-7102
Firstly sideways markets between 7275-7504 and should be firstly watched tomorrow/in the coming sessions and May derivative expiry is expected between/near about 7350-7400 tomorrow.