Nifty-Intra Day Chart (05-May-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 6724-6740
2- All Down Moves in Bullish Falling Channel
3- Whole day actual trading between 6680-6740
Although higher levels selling and closing near the lower levels of the day but all down moves in Bullish Falling Channel therefore view will not Bearish because Indian markets out performed Asian and European markets also. As Bullish Falling Channel is consolidation pattern and all down moves showed this formation therefore correction completion possibility is still alive within sideways market between 6651-6861.
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1- Selling between 6724-6740
2- All Down Moves in Bullish Falling Channel
3- Whole day actual trading between 6680-6740
Conclusions from intra day chart analysis
Although higher levels selling and closing near the lower levels of the day but all down moves in Bullish Falling Channel therefore view will not Bearish because Indian markets out performed Asian and European markets also. As Bullish Falling Channel is consolidation pattern and all down moves showed this formation therefore correction completion possibility is still alive within sideways market between 6651-6861.
Certainly up moves expectation are alive after correction completion within last 21 sessions range and next decisive moves first signal will be valid break out of 6651-6786.