Nifty-Intra Day Chart (18-Nov-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 8438-8454
2- Selling between 8426-8436
3- Whole day actual trading between 8408-8454
As Bearish Rising Wedge formation seen in last hour yesterday therefore following lines were told today at 06:52 AM in Technical Analysis and Market Outlook(18-11-2014):-
1- break out confirmation is must through sustaining above 8415/8438
2- sustaining beyond 8405-8438 will be next trend first signal therefore firstly watched today.
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1- Selling between 8438-8454
2- Selling between 8426-8436
3- Whole day actual trading between 8408-8454
Conclusions from intra day chart analysis
As Bearish Rising Wedge formation seen in last hour yesterday therefore following lines were told today at 06:52 AM in Technical Analysis and Market Outlook(18-11-2014):-
1- break out confirmation is must through sustaining above 8415/8438
2- sustaining beyond 8405-8438 will be next trend first signal therefore firstly watched today.
As was cautioned same happened and Nifty could not sustain above 8438 as well as closed within already mentioned range(8405-8438) at 8,425.90
Firstly selling at higher levels and after that follow up selling today therefore above mentioned selling ranges will immediate resistances of Nifty and expected that Nifty will slip below today lowest(8,407.25) as well as very Short Term correction will be seen in the coming sessions.