Nifty-Intra Day Chart (22-Dec-2014):-
Technical Patterns and Formations in today intraday charts
1- Firstly more than 4 hours trading with mixed Patterns formations between 8229-8251
2- Forceful up moves after sharp 55 points jump of Dow's Futures.
3- Whole day actual trading between 8229-8330
As strong Asian markets therefore positive opening and after that more than 4 hours trading with minor gains and mixed Patterns formations between 8229-8251 but sharp 55 points jump of Dow's Futures at 01:20 PM and resultant Indian markets also moved up forcefully.
Selling between 8243-8263 last Friday and this range was crossed forcefully therefore Pull Back rally remain continued. Next resistances are between 8320-8370 and Nifty closed within this range today,firstly sustaining it beyond should be watched tomorrow for Pull Back rally continuation/completion. It should be kept in mind that Wave'B' is on and it should terminate below the top of Wave-5(8626.95). Whenever intraday selling patterns will develop then that will be first signal of Wave'B' completion and Wave'C' beginning for fresh down moves below the lowest of Wave'A'(7961.35)
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1- Firstly more than 4 hours trading with mixed Patterns formations between 8229-8251
2- Forceful up moves after sharp 55 points jump of Dow's Futures.
3- Whole day actual trading between 8229-8330
Conclusions from intra day chart analysis
As strong Asian markets therefore positive opening and after that more than 4 hours trading with minor gains and mixed Patterns formations between 8229-8251 but sharp 55 points jump of Dow's Futures at 01:20 PM and resultant Indian markets also moved up forcefully.
Selling between 8243-8263 last Friday and this range was crossed forcefully therefore Pull Back rally remain continued. Next resistances are between 8320-8370 and Nifty closed within this range today,firstly sustaining it beyond should be watched tomorrow for Pull Back rally continuation/completion. It should be kept in mind that Wave'B' is on and it should terminate below the top of Wave-5(8626.95). Whenever intraday selling patterns will develop then that will be first signal of Wave'B' completion and Wave'C' beginning for fresh down moves below the lowest of Wave'A'(7961.35)