Nifty-Intra Day Chart (10-Mar-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 6498-6525.
2- Last hour down moves in Bullish Falling Wedge formation.
3- Whole day actual trading between 6498-6562.
Conclusions from intra day chart analysis
Sentiment was most depressed today morning because all the Asian markets were in Red and some markets were more than 1% down and US Futures were also negative but Indian markets completely out performed Global markets and traded flat as well as consolidated with lower levels supports. Although market slipped from higher levels in last hour but with Bullish Falling Wedge formation therefore Rally continuation is still alive and until complete selling patterns will not develop as well as Nifty will not sustain below today lowest till then decisive down moves will not be considered.
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1- Consolidation between 6498-6525.
2- Last hour down moves in Bullish Falling Wedge formation.
3- Whole day actual trading between 6498-6562.
Conclusions from intra day chart analysis
Sentiment was most depressed today morning because all the Asian markets were in Red and some markets were more than 1% down and US Futures were also negative but Indian markets completely out performed Global markets and traded flat as well as consolidated with lower levels supports. Although market slipped from higher levels in last hour but with Bullish Falling Wedge formation therefore Rally continuation is still alive and until complete selling patterns will not develop as well as Nifty will not sustain below today lowest till then decisive down moves will not be considered.
All trends are up and momentum indicators are over bought therefore Short Term Correction is due but complete selling patterns are required for the beginning of correction. Let follow up selling develop and Nifty sustain below today lowest then correction beginning should be considered.