Nifty-Intra Day Chart (29-May-2014):-
Technical Patterns and Formations in today intraday charts
1- Whole day down moves but in Bullish Falling Channel formations also.
2- Whole day actual trading between 7225-7325
Although consolidation in last 2 sessions but huge selling was also seen on 16th May(Election results day) and on 26th May(Modi Govt oath taking day) therefore big fall seen on May Derivative expiry day and market closed more than 1% down today. As huge selling on 16th May therefore following topic was posted on 19-05-2014:-
Long and Intermediate Term Trends are up and Short Term Trend turned down amid last 13 sessions trading between 7082-7563. Next supports within this range are as follows:-
1- Support between 7193-7229
2- Supports between 7082-7102
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1- Whole day down moves but in Bullish Falling Channel formations also.
2- Whole day actual trading between 7225-7325
Conclusions from intra day chart analysis
Although consolidation in last 2 sessions but huge selling was also seen on 16th May(Election results day) and on 26th May(Modi Govt oath taking day) therefore big fall seen on May Derivative expiry day and market closed more than 1% down today. As huge selling on 16th May therefore following topic was posted on 19-05-2014:-
1- Support between 7193-7229
2- Supports between 7082-7102
Although Whole day down moves today but with Bullish Falling Channel formations therefore indications of consolidation process emergence also amid on going correction. As consolidation was seen in last 2 sessions also therefore expected that correction will complete within above mentioned both supports ranges.