Nifty-Intra Day Chart (07-Aug-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 7631-7666
2- Whole day actual trading between 7631-7708
Following line was told in Technical Analysis and Market Outlook(07-08-2014):-
As consolidation patterns formations within above mentioned support range between 7631-7666 therefore next support range(7600-7666) has been strengthened and Nifty will not sustain above 76oo. Although Closing near the lowest of the day and Nifty could not sustain at higher levels as well as sharp fall was seen from higher levels but no selling patterns seen.
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1- Consolidation between 7631-7666
2- Whole day actual trading between 7631-7708
Conclusions from intra day chart analysis
Following line was told in Technical Analysis and Market Outlook(07-08-2014):-
fresh up moves are expected within next 1/2 sessions after getting supports within or near about next support range(7600-7666)
As consolidation patterns formations within above mentioned support range between 7631-7666 therefore next support range(7600-7666) has been strengthened and Nifty will not sustain above 76oo. Although Closing near the lowest of the day and Nifty could not sustain at higher levels as well as sharp fall was seen from higher levels but no selling patterns seen.
Finally fresh up moves are expected within next 1/2 sessions after getting supports within or near about next support range(7600-7666) despite 87 points down trading of Dow Jones at this moment.