Nifty-Intra Day Chart (06-May-2014):-
Technical Patterns and Formations in today intraday charts
1- First 4 hours Down Moves in Bullish Falling Channel.
2- Support between 6701-6712
3- Whole day actual trading between 6701-6743
Positive opening and first 4 hours down moves but in Bullish Falling Channel as well as lower levels supports therefore Bullish view is still maintained. It should be kept in mind that correction is on and Nifty may slip also below 22 sessions lowest (6651) in this process but deeper correction will be considered after forcefully breaking down or sustaining below 6651 after complete follow up selling. As consolidation was seen in previous 4 sessions above 6651 therefore up moves expectations are very much alive.
As US markets are .65% to 1.10% down at this moment and such weaker closing may result weakening of Asian markets but sustaining below 6651 is not expected and finally Rally/up moves are expected.
 |
| Just click on chart for its enlarged view |
1- First 4 hours Down Moves in Bullish Falling Channel.
2- Support between 6701-6712
3- Whole day actual trading between 6701-6743
Conclusions from intra day chart analysis
Positive opening and first 4 hours down moves but in Bullish Falling Channel as well as lower levels supports therefore Bullish view is still maintained. It should be kept in mind that correction is on and Nifty may slip also below 22 sessions lowest (6651) in this process but deeper correction will be considered after forcefully breaking down or sustaining below 6651 after complete follow up selling. As consolidation was seen in previous 4 sessions above 6651 therefore up moves expectations are very much alive.
As US markets are .65% to 1.10% down at this moment and such weaker closing may result weakening of Asian markets but sustaining below 6651 is not expected and finally Rally/up moves are expected.