Nifty-Intra Day Chart (14-Jul-2014):-
Technical Patterns and Formations in today intraday charts
1- Down moves in Bullish Falling Channel
2- Whole day sideways trading with consolidation patterns formations.
3- Whole day actual trading between 7423-7478
Although flat closing with whole day sideways trading within 55 points but with consolidation patterns formations therefore first signal of that correction completion which started from 7808 on Rail Budget day. Sustaining above today highest will be understood sideways market between 7423-7808 and up moves will be firstly seen towards 7690 as well as it is expected also in the coming sessions. As following resistances therefore follow up consolidation is firstly required for new all time high formation and next rally above 7808:-
1- 7690-7731
2- 7756-7800
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1- Down moves in Bullish Falling Channel
2- Whole day sideways trading with consolidation patterns formations.
3- Whole day actual trading between 7423-7478
Conclusions from intra day chart analysis
Although flat closing with whole day sideways trading within 55 points but with consolidation patterns formations therefore first signal of that correction completion which started from 7808 on Rail Budget day. Sustaining above today highest will be understood sideways market between 7423-7808 and up moves will be firstly seen towards 7690 as well as it is expected also in the coming sessions. As following resistances therefore follow up consolidation is firstly required for new all time high formation and next rally above 7808:-
1- 7690-7731
2- 7756-7800