Nifty-Intra Day Chart (12-Dec-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 8309-8321
2- Selling between 8278-8293
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 8273-8321
25 sessions trading between 8290-8627 with good selling at higher levels and this range was broken down but Nifty closed above 8290 on 11-12-2014. Firstly higher levels selling above 8290 and after that follow up selling near about 8290 as well as closing below it on 12-12-2014 which is first indication of 25 sessions trading range broken down. As almost last 3 hours down moves in Bullish Falling Channel therefore only Pull Back Rally possibility will be considered at this moment.
Short Term Trend is down and Intermediate Term Trend will turn down after confirmation of sustaining below 8390 which will mean down trend from 3 weeks to 3 months.Correction is on and until complete consolidation will not happen till then its completion will not be seen and that correction continuation will be considered for which we told in Technical Analysis and Market Outlook(05-12-2014).
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1- Selling between 8309-8321
2- Selling between 8278-8293
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 8273-8321
Conclusions from intra day chart analysis
25 sessions trading between 8290-8627 with good selling at higher levels and this range was broken down but Nifty closed above 8290 on 11-12-2014. Firstly higher levels selling above 8290 and after that follow up selling near about 8290 as well as closing below it on 12-12-2014 which is first indication of 25 sessions trading range broken down. As almost last 3 hours down moves in Bullish Falling Channel therefore only Pull Back Rally possibility will be considered at this moment.
Short Term Trend is down and Intermediate Term Trend will turn down after confirmation of sustaining below 8390 which will mean down trend from 3 weeks to 3 months.Correction is on and until complete consolidation will not happen till then its completion will not be seen and that correction continuation will be considered for which we told in Technical Analysis and Market Outlook(05-12-2014).