Nifty-Intra Day Chart (28-Oct-2014):-
Technical Patterns and Formations in today intraday charts
1- Minor selling immediately after opening
2- Down moves are in Bullish Falling Channel
3- Consolidation between 7996-8010
4- Whole day actual trading between 7996-8037
Although minor selling and slipping also immediately after opening but in Bullish Falling Channel which is a consolidation pattern. As lower levels supports with follow up Down moves in Bullish Falling Channel again seen therefore emergence of up moves expectations.
Following lines were told in Technical Analysis and Market Outlook(21-10-2014):-
As following resistances are also lying at higher levels therefore follow up consolidation is must for rally continuation:-
1- 7900-7937
2- 7955-7972
3- 8012-8030
Last resistance range is 8012-8030 and last 2 sessions most time actual trading between 7985-8038 as well as consolidation seen between resistance range therefore strong indications of above mentioned resistances clearance and rally continuation.
Last resistances of Nifty are as follows:-
1- 8080-8088
2- 8115-8160
3- 8140-8180
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1- Minor selling immediately after opening
2- Down moves are in Bullish Falling Channel
3- Consolidation between 7996-8010
4- Whole day actual trading between 7996-8037
Conclusions from intra day chart analysis
Although minor selling and slipping also immediately after opening but in Bullish Falling Channel which is a consolidation pattern. As lower levels supports with follow up Down moves in Bullish Falling Channel again seen therefore emergence of up moves expectations.
Following lines were told in Technical Analysis and Market Outlook(21-10-2014):-
As following resistances are also lying at higher levels therefore follow up consolidation is must for rally continuation:-
1- 7900-7937
2- 7955-7972
3- 8012-8030
Last resistance range is 8012-8030 and last 2 sessions most time actual trading between 7985-8038 as well as consolidation seen between resistance range therefore strong indications of above mentioned resistances clearance and rally continuation.
Last resistances of Nifty are as follows:-
1- 8080-8088
2- 8115-8160
3- 8140-8180
Expected that Nifty will counter above resistances in the coming sessions and finally rally above all time high will be seen.