Nifty-Intra Day Chart (02-Jul-2014):-
Technical Patterns and Formations in today intraday charts
1- 5 hours up moves in Bearish Rising Channel
2- Intraday corrections
3- Whole day actual trading between 7678-7732
Whole day up moves after strong gap up opening with new life time high formation but slow up moves seen between Bearish Rising Channel therefore follow up consolidation is firstly required tomorrow for sustaining above 7700. As intraday corrections were also seen immediately after some selling therefore it seems that consolidation process is on and expected that rally will remain continued after follow up consolidation.
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1- 5 hours up moves in Bearish Rising Channel
2- Intraday corrections
3- Whole day actual trading between 7678-7732
Conclusions from intra day chart analysis
Whole day up moves after strong gap up opening with new life time high formation but slow up moves seen between Bearish Rising Channel therefore follow up consolidation is firstly required tomorrow for sustaining above 7700. As intraday corrections were also seen immediately after some selling therefore it seems that consolidation process is on and expected that rally will remain continued after follow up consolidation.