Nifty-Intra Day Chart (14-Aug-2014):-
Technical Patterns and Formations in today intraday charts
1- Almost whole day slow and without force up moves between 7760-7796.
2- Whole day actual trading between 7740-7796
Although whole day up moves and closing near the higher levels of the day but slow and without force up moves between 7760-7796 therefore profit booking possibility and firstly very short term correction is expected. Folloing resistances were updated in previous Outlooks:-
1- Resistance between 7773-7791
2- Resistance between 7811-7835
As profit booking seen between first resistance range therefore possibility of slipping below 7760 and same view which was updated in following lines on 14-08-2014 in Mid-session Outlook:-
rally is slow and lacking required force therefore sustaining above 7835 with follow up consolidation is firstly required on next Monday for valid break out confirmation of 7840.
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1- Almost whole day slow and without force up moves between 7760-7796.
2- Whole day actual trading between 7740-7796
Conclusions from intra day chart analysis
Although whole day up moves and closing near the higher levels of the day but slow and without force up moves between 7760-7796 therefore profit booking possibility and firstly very short term correction is expected. Folloing resistances were updated in previous Outlooks:-
1- Resistance between 7773-7791
2- Resistance between 7811-7835
As profit booking seen between first resistance range therefore possibility of slipping below 7760 and same view which was updated in following lines on 14-08-2014 in Mid-session Outlook:-
rally is slow and lacking required force therefore sustaining above 7835 with follow up consolidation is firstly required on next Monday for valid break out confirmation of 7840.