Nifty-Intra Day Chart (23-Dec-2014):-
Technical Patterns and Formations in today intraday charts
1- 2 Hours selling between 8346-8364
2- Last 3 hours trading between 8252-8294 with mixed Patterns formations (Down moves in Bullish Falling Channel at lower levels and minor selling patterns near 8294)
3- Whole day actual trading between 8252-8364
Following lines were told yesterday in Technical Analysis and Market Outlook(23-12-2014)
Resistances are between 8320-8370 was told and Nifty could not move above 8370 as well as slipped below 8320 after follow up selling within mentioned resistance range. It should be kept in mind that resistances within 8320-8370 have been strengthened today because follow up selling within this range and until complete consolidation will not happen till then Nifty will not move above 8370.
As last 3 hours trading between 8252-8294 with mixed Patterns formations therefore Nifty will firstly prepare for next moves within and near about this range and sustaining beyond this range will be first strong indication of next decisive moves.
Next supports(weaker) are between 8229-8251 and finally sustaining beyond this range should be watched in the coming sessions and should be kept in mind that once sustaining below 8229 will mean sharp fall.
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1- 2 Hours selling between 8346-8364
2- Last 3 hours trading between 8252-8294 with mixed Patterns formations (Down moves in Bullish Falling Channel at lower levels and minor selling patterns near 8294)
3- Whole day actual trading between 8252-8364
Conclusions from intra day chart analysis
Following lines were told yesterday in Technical Analysis and Market Outlook(23-12-2014)
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
Resistances are between 8320-8370 was told and Nifty could not move above 8370 as well as slipped below 8320 after follow up selling within mentioned resistance range. It should be kept in mind that resistances within 8320-8370 have been strengthened today because follow up selling within this range and until complete consolidation will not happen till then Nifty will not move above 8370.
As last 3 hours trading between 8252-8294 with mixed Patterns formations therefore Nifty will firstly prepare for next moves within and near about this range and sustaining beyond this range will be first strong indication of next decisive moves.
Next supports(weaker) are between 8229-8251 and finally sustaining beyond this range should be watched in the coming sessions and should be kept in mind that once sustaining below 8229 will mean sharp fall.