Nifty-Intra Day Chart (20-Aug-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 7880-7898
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 7865-7898
Although higher levels good selling but all down moves in Bullish Falling Channel therefore mixed patterns formations today also after same mixed patterns yesterday and same following conclusions which updated yesterday in Technical Analysis and Market Outlook(20-08-2014):-
1- As sufficient selling patterns at higher levels today therefore very Short Term correction possibility can not be ruled out
2- and valid break out confirmation of 49 sessions range(7423-7840) will be after sustaining above today highest(7918)
3- 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
As positive news of Government approval of Rs 1 lakh crore for Digital India programme therefore some up moves may be seen immediately after opening tomorrow but follow up consolidation is firstly required for next rally above 7918 because following 2 resistances at higher levels:-
1- 7880-7898
2- 7902-7918
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1- Selling between 7880-7898
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 7865-7898
Conclusions from intra day chart analysis
Although higher levels good selling but all down moves in Bullish Falling Channel therefore mixed patterns formations today also after same mixed patterns yesterday and same following conclusions which updated yesterday in Technical Analysis and Market Outlook(20-08-2014):-
1- As sufficient selling patterns at higher levels today therefore very Short Term correction possibility can not be ruled out
2- and valid break out confirmation of 49 sessions range(7423-7840) will be after sustaining above today highest(7918)
3- 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
As positive news of Government approval of Rs 1 lakh crore for Digital India programme therefore some up moves may be seen immediately after opening tomorrow but follow up consolidation is firstly required for next rally above 7918 because following 2 resistances at higher levels:-
1- 7880-7898
2- 7902-7918
Finally rally above 8000 is expected after follow up consolidations in the coming sessions.