Nifty-Intra Day Chart (13-Aug-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 7735-7757
2- Buying between 7696-7718
3- Whole day actual trading between 7696-7757
Sentiment was heated after strong rally yesterday therefore firstly profit booking seen immediately after opening but lower levels supports and consolidation was also seen within 61 points range bound volatile market. As consolidation was also today therefore rally continuation hopes are still alive after follow up consolidation because following immediate resistances are lying just above today highest:-
1- Resistance between 7773-7791
2- Resistance between 7811-7835
As both higher levels selling and lower levels buying therefore mixed patterns formations today and sustaining beyond following levels should be firstly watched in the coming sessions for next immediate decisive moves confirmations:-
1- 7696-7757
2- 7664-7773
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1- Selling between 7735-7757
2- Buying between 7696-7718
3- Whole day actual trading between 7696-7757
Conclusions from intra day chart analysis
Sentiment was heated after strong rally yesterday therefore firstly profit booking seen immediately after opening but lower levels supports and consolidation was also seen within 61 points range bound volatile market. As consolidation was also today therefore rally continuation hopes are still alive after follow up consolidation because following immediate resistances are lying just above today highest:-
1- Resistance between 7773-7791
2- Resistance between 7811-7835
As both higher levels selling and lower levels buying therefore mixed patterns formations today and sustaining beyond following levels should be firstly watched in the coming sessions for next immediate decisive moves confirmations:-
1- 7696-7757
2- 7664-7773