Nifty-Intra Day Chart (19-Jun-2014):-
Technical Patterns and Formations in today intraday charts
1- Higher levels selling
2- Down moves in Bullish Falling Channel
3- Consolidation Patterns between 7503-7531
4- Whole day actual trading between 7503-7606
Although higher levels selling but down moves in Bullish Falling Channel which is a consolidation pattern and lower levels consolidation Patterns formations also between 7503-7531 therefore still Nifty will be understood sideways between 7488-7700. Sideways market between 7488-7700 for the last 10 Sessions with lower levels supports between 7488-7566 and consolidation seen within this range today therefore correction completion hopes within this are still alive. Sustaining beyond 7488-7566 should be firstly watched in the coming sessions for correction continuation below 7488 and correction completion above 7566.
 |
| Just click on chart for its enlarged view |
1- Higher levels selling
2- Down moves in Bullish Falling Channel
3- Consolidation Patterns between 7503-7531
4- Whole day actual trading between 7503-7606
Conclusions from intra day chart analysis
Although higher levels selling but down moves in Bullish Falling Channel which is a consolidation pattern and lower levels consolidation Patterns formations also between 7503-7531 therefore still Nifty will be understood sideways between 7488-7700. Sideways market between 7488-7700 for the last 10 Sessions with lower levels supports between 7488-7566 and consolidation seen within this range today therefore correction completion hopes within this are still alive. Sustaining beyond 7488-7566 should be firstly watched in the coming sessions for correction continuation below 7488 and correction completion above 7566.
Sustaining beyond 7488-7566 should be firstly watched in the coming sessions for next big moves first indication and 7488-7700 for final confirmations.