Nifty-Intra Day Chart (12-May-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 6920-6954
2- Consolidation between 6960-6980
3- Whole day actual trading between 6916-7020
Firstly sharp 70 points up in first 2 minutes and after that consolidation as well as closing at the highest of the day therefore Indian markets are technically poised for more up moves/Rally. As Exit Polls are showing clear victory for Modi therefore rally continuation is expected after huge gap up opening tomorrow.
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1- Consolidation between 6920-6954
2- Consolidation between 6960-6980
3- Whole day actual trading between 6916-7020
Conclusions from intra day chart analysis
Firstly sharp 70 points up in first 2 minutes and after that consolidation as well as closing at the highest of the day therefore Indian markets are technically poised for more up moves/Rally. As Exit Polls are showing clear victory for Modi therefore rally continuation is expected after huge gap up opening tomorrow.