Nifty-Intra Day Chart (31-Oct-2014):-
Technical Patterns and Formations in today intraday charts
1- Mixed Patterns between 8260-8385
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 8198-8330
Although whole day up moves after gap up opening but mixed Patterns formations between 8260-8385 and after that up moves in Bearish Rising Channel were also seen therefore some consolidation is firstly required for next up moves above day's highest(8330). As all trends are up and Nifty traded strongly above life time high therefore any correction will be considered only after complete selling patterns formations on EOD charts but minor intraday and Very Short Term corrections may be seen any day because indicators are overbought and sentiment is much heated.
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1- Mixed Patterns between 8260-8385
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 8198-8330
Conclusions from intra day chart analysis
Although whole day up moves after gap up opening but mixed Patterns formations between 8260-8385 and after that up moves in Bearish Rising Channel were also seen therefore some consolidation is firstly required for next up moves above day's highest(8330). As all trends are up and Nifty traded strongly above life time high therefore any correction will be considered only after complete selling patterns formations on EOD charts but minor intraday and Very Short Term corrections may be seen any day because indicators are overbought and sentiment is much heated.
Finally rally continuation is expected in the coming sessions despite minor correction and volatility possibility.