Nifty-Intra Day Chart (21-Aug-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 7904-7919
2- Inverted Head and Shoulders Bullish pattern formation(its Neckline is at 7891)
3- Whole day actual trading between 7856-7919
Volatile market with last 3 sessions new high and low formation as well as higher levels selling and lower levels supports. As lower levels supports with Inverted Head and Shoulders Bullish pattern formation and its Neckline is at 7891 therefore its valid break out will be next decisive moves first indication and sustaining beyond today trading range(7856-7919) will give following next trends confirmations:-
1- Very Short Term correction possibility below 7856
2- Fresh strong rally possibility above 7919
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1- Selling between 7904-7919
2- Inverted Head and Shoulders Bullish pattern formation(its Neckline is at 7891)
3- Whole day actual trading between 7856-7919
Conclusions from intra day chart analysis
Volatile market with last 3 sessions new high and low formation as well as higher levels selling and lower levels supports. As lower levels supports with Inverted Head and Shoulders Bullish pattern formation and its Neckline is at 7891 therefore its valid break out will be next decisive moves first indication and sustaining beyond today trading range(7856-7919) will give following next trends confirmations:-
1- Very Short Term correction possibility below 7856
2- Fresh strong rally possibility above 7919