Nifty-Intra Day Chart (06-Aug-2014):-
Technical Patterns and Formations in today intraday charts
1- More than 5 hours trading with Mixed Patterns formations between 7696-7740.
2- Down moves in Bullish Falling Channel in last hour.
3- Consolidation patterns formations
4- Whole day actual trading between 7659-7740
As US markets closed in deep Red and sentiment was depressed therefore all the Asian markets were weak and resultant whole day negative zone trading in Indian markets. Sentiment turned more depressed after gap down opening of European markets and more down moves seen as well as closing near the lowest of the day today.
Although closing near the lowest of the day but as such selling patterns not seen but consolidation patterns also seen therefore much down moves not expected and fresh up moves are expected within next 1/2 sessions after getting supports within or near about next support range(7600-7666).
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1- More than 5 hours trading with Mixed Patterns formations between 7696-7740.
2- Down moves in Bullish Falling Channel in last hour.
3- Consolidation patterns formations
4- Whole day actual trading between 7659-7740
Conclusions from intra day chart analysis
As US markets closed in deep Red and sentiment was depressed therefore all the Asian markets were weak and resultant whole day negative zone trading in Indian markets. Sentiment turned more depressed after gap down opening of European markets and more down moves seen as well as closing near the lowest of the day today.
Although closing near the lowest of the day but as such selling patterns not seen but consolidation patterns also seen therefore much down moves not expected and fresh up moves are expected within next 1/2 sessions after getting supports within or near about next support range(7600-7666).