Nifty-Intra Day Chart (25-Jun-2014):-
Technical Patterns and Formations in today intraday charts
1- Whole day down moves in Bullish Falling Channel
2- Whole day actual trading between 7557-7589
Following conclusive line was told yesterday in Technical Analysis and Market Outlook(25-06-2014)
As was told 100% same happened today and whole day sideways consolidation in quiet trading within 32 points range between 7557.05-6589.25 today.
Although whole day down moves but today intraday trading patterns are not showing selling formations and consolidation pattern of "whole day down moves in Bullish Falling Channel" formation also seen today therefore emergence of fresh up moves possibility in the coming sessions. Technically expected that Nifty will not sustain below today lowest(7557.05) and finally rally will be seen above today highest(7592)
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1- Whole day down moves in Bullish Falling Channel
2- Whole day actual trading between 7557-7589
Conclusions from intra day chart analysis
Following conclusive line was told yesterday in Technical Analysis and Market Outlook(25-06-2014)
Consolidation in sideways quiet market is expected tomorrow
As was told 100% same happened today and whole day sideways consolidation in quiet trading within 32 points range between 7557.05-6589.25 today.
Although whole day down moves but today intraday trading patterns are not showing selling formations and consolidation pattern of "whole day down moves in Bullish Falling Channel" formation also seen today therefore emergence of fresh up moves possibility in the coming sessions. Technically expected that Nifty will not sustain below today lowest(7557.05) and finally rally will be seen above today highest(7592)
As disappointing decision of deferring Gas price revision and status quo on for 3 months by Govt. today therefore Indian markets may firstly react negative tomorrow but sustaining beyond today trading range(7557-7589) will be next decisive moves confirmation and should be firstly watched tomorrow.