Nifty-Intra Day Chart (18-Aug-2014):-
Technical Patterns and Formations in today intraday charts
1- Whole day slow and without force up moves.
2- Whole day actual trading between 7780-7880
Short Term trend was sideways between 7423-7840 for the last 49 sessions and this range is broken out today but whole day up moves were slow and without force therefore confirmation through sustaining above 7840 is firstly required tomorrow for next decisive rally.
As US markets are trading more than 1% up at this moment therefore sentiment may be heated tomorrow morning and gap up opening above 7900 can not be ruled out,once confirmation of fresh consolidation at higher levels and sustaining above 7840 will mean fresh strong rally above 8000.
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1- Whole day slow and without force up moves.
2- Whole day actual trading between 7780-7880
Conclusions from intra day chart analysis
Short Term trend was sideways between 7423-7840 for the last 49 sessions and this range is broken out today but whole day up moves were slow and without force therefore confirmation through sustaining above 7840 is firstly required tomorrow for next decisive rally.
As US markets are trading more than 1% up at this moment therefore sentiment may be heated tomorrow morning and gap up opening above 7900 can not be ruled out,once confirmation of fresh consolidation at higher levels and sustaining above 7840 will mean fresh strong rally above 8000.