Nifty-Intra Day Chart (19-Aug-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 7902-7918
2- Support between 7882-7893
3- Whole day actual trading between 7882-7918
Whole day sideways trading within 36 points with higher levels selling and lower levels supports therefore some more follow up preparation is still required for valid break out confirmation of 49 sessions range(7423-7840).
As sufficient selling patterns at higher levels today therefore very Short Term correction possibility can not be ruled out and valid break out confirmation of 49 sessions range(7423-7840) will be after sustaining above today highest(7918) as well as it will open the gates of next strong rally above 8000. Expected that very Short Correction will complete above next following supports:-
1- 7696-7718
2- 7655-7664
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1- Selling between 7902-7918
2- Support between 7882-7893
3- Whole day actual trading between 7882-7918
Conclusions from intra day chart analysis
Whole day sideways trading within 36 points with higher levels selling and lower levels supports therefore some more follow up preparation is still required for valid break out confirmation of 49 sessions range(7423-7840).
As sufficient selling patterns at higher levels today therefore very Short Term correction possibility can not be ruled out and valid break out confirmation of 49 sessions range(7423-7840) will be after sustaining above today highest(7918) as well as it will open the gates of next strong rally above 8000. Expected that very Short Correction will complete above next following supports:-
1- 7696-7718
2- 7655-7664
Finally rally above 8000 is expected after follow up consolidations in the coming sessions.