Nifty-Intra Day Chart (17-Nov-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 8349-8372
2- Bearish Rising Wedge formations in last hour between 8405-8438
3- Whole day actual trading between 8349-8438
Although strong recovery from lower levels after good consolidations between 8349-8372 but Bearish Rising Wedge formation also seen in last hour therefore firstly some more consolidation is firstly required for strong rally above today highest.
Nifty was sideways between 8291-8415 and this range was broken out today but Bearish Rising Wedge formations was also seen therefore break out confirmation is must through sustaining above 8415/8438
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1- Consolidation between 8349-8372
2- Bearish Rising Wedge formations in last hour between 8405-8438
3- Whole day actual trading between 8349-8438
Conclusions from intra day chart analysis
Although strong recovery from lower levels after good consolidations between 8349-8372 but Bearish Rising Wedge formation also seen in last hour therefore firstly some more consolidation is firstly required for strong rally above today highest.
Nifty was sideways between 8291-8415 and this range was broken out today but Bearish Rising Wedge formations was also seen therefore break out confirmation is must through sustaining above 8415/8438
As sustaining beyond 8405-8438 will be next trend first signal therefore firstly watched today.