Nifty-Intra Day Chart (11-Jun-2014):-
Technical Patterns and Formations in today intraday charts
1- Up moves in Bearish Rising Channel
2- Selling between 7670-7700
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 7589-7700
Following conclusive lines were told at 07:11 AM in Rally continuation towards Minimum Target of Nifty at 8616.90 on 09-06-2014:-
only 19 Sessions range(7082-7563) break out confirmation is firstly required in next week
As soon as selling developed then following lines were told at 12:33 PM in Mid-session Outlook(09-06-2014) on 09-06-2014:-
1- profit booking also seen between 7652-7669 on the back of heated sentiments
2- at present Nifty will be understood sideways between 7500-7669.
Although selling between 7670-7700 today and up moves in Bearish Rising Channel but down moves in big Bullish Falling Channel also which is consolidation pattern therefore rally beginning hopes after Very short term correction completion are still alive despite today closing near the lower levels of the day.
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1- Up moves in Bearish Rising Channel
2- Selling between 7670-7700
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 7589-7700
Conclusions from intra day chart analysis
Following conclusive lines were told at 07:11 AM in Rally continuation towards Minimum Target of Nifty at 8616.90 on 09-06-2014:-
only 19 Sessions range(7082-7563) break out confirmation is firstly required in next week
As soon as selling developed then following lines were told at 12:33 PM in Mid-session Outlook(09-06-2014) on 09-06-2014:-
1- profit booking also seen between 7652-7669 on the back of heated sentiments
2- at present Nifty will be understood sideways between 7500-7669.
Profit booking was told between 7652-7669 and Nifty could not sustain beyond it as well as closed below 7669 in all 3 previous sessions
Although selling between 7670-7700 today and up moves in Bearish Rising Channel but down moves in big Bullish Falling Channel also which is consolidation pattern therefore rally beginning hopes after Very short term correction completion are still alive despite today closing near the lower levels of the day.
As selling in last 3 sessions therefore correction continuation will be understood but consolidation patterns were also seen in last 3 sessions therefore expected that correction will not be deep and Nifty will remain sideways between 7500-7700 and prepare for next decisive trend as well as sustaining it beyond will ne next trend confirmation.