Nifty-Intra Day Chart (24-Jun-2014):-
Technical Patterns and Formations in today intraday charts
1- Sharp up immediately after opening
2- Down moves in Bullish Falling Channel
3- Selling patterns formation between 7580-7592
4- Support between 7542-7559
5- Whole day actual trading between 7523-7592
Sharp up immediately after gap up opening and minor selling was also seen at higher levels but consolidation patterns formations with some supports also therefore rally continuation expectations are alive.
Next resistance are between 7626-7673 and minor selling seen just below this range today therefore follow up consolidation is firstly required for next rally above 7673. It should be kept in mind that once valid break out above 7673 will mean new all time high formation and possibility of strong rally above 7700.
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1- Sharp up immediately after opening
2- Down moves in Bullish Falling Channel
3- Selling patterns formation between 7580-7592
4- Support between 7542-7559
5- Whole day actual trading between 7523-7592
Conclusions from intra day chart analysis
Sharp up immediately after gap up opening and minor selling was also seen at higher levels but consolidation patterns formations with some supports also therefore rally continuation expectations are alive.
Next resistance are between 7626-7673 and minor selling seen just below this range today therefore follow up consolidation is firstly required for next rally above 7673. It should be kept in mind that once valid break out above 7673 will mean new all time high formation and possibility of strong rally above 7700.
Consolidation in sideways quiet market is expected tomorrow and sustaining beyond 7580-7673 will be next trend and decisive moves confirmation.