Nifty-Intra Day Chart (20-Mar-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation Patterns between 6493-6506
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 6474-6523
Following line was told in Weekly analysis of current week on 17-03-2014 in Firstly side ways Market before decisive trend
As was told same happened and Nifty traded most time within this range between 6474-6574 in current week as well as closed within this range today at 6483.10.
Although Nifty closed in Green yesterday but intraday charts of yesterday showed selling patterns formations therefore following conclusive line was told yesterday at 09:31PM in Technical Analysis and Market Outlook(20-03-2014):-
When all were waiting for the the declarations of FOMC then we told yesterday for:-
1- Today down moves
2- Told for intraday selling 3 times yesterday
3- Posted shorting call of Nifty F&O yesterday
Although Nifty closed in Red today but Indian markets out performed most depressing Global markets and showed consolidation patterns formations as well as down moves were in Bullish Falling Channel therefore much deeper correction is not expected. Follow up consolidation and finally sustaining above 6433 will mean rally beginning after Short Term correction completion.
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1- Consolidation Patterns between 6493-6506
2- Down moves in Bullish Falling Channel
3- Whole day actual trading between 6474-6523
Conclusions from intra day chart analysis
Following line was told in Weekly analysis of current week on 17-03-2014 in Firstly side ways Market before decisive trend
Nifty will firstly trade and prepare for next trend between 6433-6561
As was told same happened and Nifty traded most time within this range between 6474-6574 in current week as well as closed within this range today at 6483.10.
Although Nifty closed in Green yesterday but intraday charts of yesterday showed selling patterns formations therefore following conclusive line was told yesterday at 09:31PM in Technical Analysis and Market Outlook(20-03-2014):-
Finally down moves and Short term correction is expected tomorrow despite whatsoever outcome from FOMC meet tonight after 11:30 PM.
When all were waiting for the the declarations of FOMC then we told yesterday for:-
1- Today down moves
2- Told for intraday selling 3 times yesterday
3- Posted shorting call of Nifty F&O yesterday
Although Nifty closed in Red today but Indian markets out performed most depressing Global markets and showed consolidation patterns formations as well as down moves were in Bullish Falling Channel therefore much deeper correction is not expected. Follow up consolidation and finally sustaining above 6433 will mean rally beginning after Short Term correction completion.
As consolidation today therefore firstly sustaining beyond today lowest(6474) should be watched tomorrow and at present Indian markets will be understood sideways between 6433-6574 because both higher levels selling and lower levels buying within this range.