Technical Analysis and Market Outlook
(10-07-2014)
Nifty-Intra Day Chart (09-Jul-2014):-(10-07-2014)
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1- Up moves with intraday correction
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 7552-7647
Conclusions from intra day chart analysis
As sentiment was much heated and all were expecting strong rally after Union Budget on 10-07-2014 therefore as much sharp correction was seen after Rail Budget that much sentiment was heated. Although most of the time negative zone trading with .50% down closing today but intraday charts of today and yesterday are showing consolidation patterns formations therefore emergence of yesterday started Very Short Term correction completion and rally continuation expectations.
All trends are up and as such big selling not seen at higher levels in previous sessions as well as consolidation patterns formations in both previous sessions also therefore expected that finally rally with new all time high formations will be seen after Union Budget-2014 and in the coming sessions.