Nifty-Intra Day Chart (21-Apr-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 6787-6798
2- 5 Hours sideways trading between 6787-6806
3- Up moves without required force
4- Not sustaining above previous top(6819)
5- Whole day actual trading between 6787-6825
Firstly 5 hours sideways trading between 6787-6806 with lower levels consolidation between 6787-6798 and after that range broken out but without required force therefore Nifty could not sustain at higher levels.
Last 7 sessions actual trading between 6651-6819 with higher levels selling between 6806-6819 therefore it is must to sustain above 6819 for fresh strong rally therefore following line was told at 02:58 PM in Pre-closing Outlook when Nifty was trading at 6823:-
 |
| Just click on chart for its enlarged view |
1- Consolidation between 6787-6798
2- 5 Hours sideways trading between 6787-6806
3- Up moves without required force
4- Not sustaining above previous top(6819)
5- Whole day actual trading between 6787-6825
Conclusions from intra day chart analysis
Firstly 5 hours sideways trading between 6787-6806 with lower levels consolidation between 6787-6798 and after that range broken out but without required force therefore Nifty could not sustain at higher levels.
Last 7 sessions actual trading between 6651-6819 with higher levels selling between 6806-6819 therefore it is must to sustain above 6819 for fresh strong rally therefore following line was told at 02:58 PM in Pre-closing Outlook when Nifty was trading at 6823:-
confirmation through sustaining above 6819 is required for strong rally in new zone.
As up moves without required force therefore Nifty could not sustain at higher levels and slipped toward 5810.75 in last minutes. Although Nifty closed at all time high today but some selling also seen below 6825 therefore sustaining above it is must for next strong rally and should be firstly watched tomorrow.