Nifty-Intra Day Chart (09-Jun-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 7652-7673
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 7617-7673
Selling at higher levels and up moves in Bearish Rising Channel also therefore fresh consolidation is firstly required for decisive up moves above highest of the day(7673). As consolidation above 7500 and selling below 7673 in last 2 sessions therefore Nifty will be understood sideways between 7500-7673 and will firstly prepare for next decisive moves within this range.
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1- Selling between 7652-7673
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 7617-7673
Conclusions from intra day chart analysis
Selling at higher levels and up moves in Bearish Rising Channel also therefore fresh consolidation is firstly required for decisive up moves above highest of the day(7673). As consolidation above 7500 and selling below 7673 in last 2 sessions therefore Nifty will be understood sideways between 7500-7673 and will firstly prepare for next decisive moves within this range.
Expected that finally fresh rally will be seen after follow up consolidations between 7500-7673 but some volatility can not be ruled out within mentioned range because sentiment is heated and complete consolidation is firstly required after good selling at higher levels on 09-06-2014.