Nifty-Intra Day Chart (16-Dec-2014):-
Technical Patterns and Formations in today intraday charts
1- Whole day slipping from higher levels
2- Down moves in Bullish Falling Channel
Correction is on and and 1.85% slipping after most depressing Global markets cues yesterday. Although whole day slipping from higher levels but down moves in Bullish Falling Channel were also seen therefore only some up moves and Pull Back Rally will be considered at this moment.
Technical Position of Nifty is as follows:-
1- Long Term Trend is up,
2- Intermediate and Short Term Trends are down
3- Corrective Wave-A is on. Wave-B(upward) and Wave-C(below yesterday lowest) are still left.
It should be kept in mind that until complete consolidation will not happen on Daily Charts till then fresh rally will not be seen. As Indicators are oversold therefore Pull Back Rally or Wave-B(upward) will be seen after 2/3 days consolidation.
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1- Whole day slipping from higher levels
2- Down moves in Bullish Falling Channel
- Conclusions from intra day chart analysis
Correction is on and and 1.85% slipping after most depressing Global markets cues yesterday. Although whole day slipping from higher levels but down moves in Bullish Falling Channel were also seen therefore only some up moves and Pull Back Rally will be considered at this moment.
Technical Position of Nifty is as follows:-
1- Long Term Trend is up,
2- Intermediate and Short Term Trends are down
3- Corrective Wave-A is on. Wave-B(upward) and Wave-C(below yesterday lowest) are still left.
It should be kept in mind that until complete consolidation will not happen on Daily Charts till then fresh rally will not be seen. As Indicators are oversold therefore Pull Back Rally or Wave-B(upward) will be seen after 2/3 days consolidation.