Nifty-Intra Day Chart (31-Mar-2014):-
Technical Patterns and Formations in today intraday charts
1- Good selling between 6690-6730
2- Minor support between 6663-6677
3- Whole day actual trading between 6663-6730
Down moves after higher levels selling but minor supports also at lower levels therefore sideways market today and fresh preparation is required for next immediate decisive moves. All trends are up and indicators are overbought therefore correction is due but complete selling patterns are firstly required for decisive down moves. As higher levels good selling today therefore firstly fresh consolidation is required for any decisive up moves above today highest. Follow up moves and valid break out of today trading range(6663-6730) should be watched tomorrow for:-
1- Very short term correction below 6663 or
2- Rally continuation above 6730
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1- Good selling between 6690-6730
2- Minor support between 6663-6677
3- Whole day actual trading between 6663-6730
Conclusions from intra day chart analysis
Down moves after higher levels selling but minor supports also at lower levels therefore sideways market today and fresh preparation is required for next immediate decisive moves. All trends are up and indicators are overbought therefore correction is due but complete selling patterns are firstly required for decisive down moves. As higher levels good selling today therefore firstly fresh consolidation is required for any decisive up moves above today highest. Follow up moves and valid break out of today trading range(6663-6730) should be watched tomorrow for:-
1- Very short term correction below 6663 or
2- Rally continuation above 6730