Nifty-Intra Day Chart (13-May-2014):-
Technical Patterns and Formations in today intraday charts
1- Up moves in Bearish Rising Channel
2- Selling between 7148-7172
3- Down Moves in Bullish Falling Channel
4- Last 3 hours trading between 7082-7131
5- Whole day actual trading between 7068-7172
volatility after minor profit booking was told at 09:25 AM today in Post-open Outlook and it was seen after Bearish Rising Channel formation and higher levels selling. Although intraday correction today but Down Moves in Bullish Falling Channel therefore emergence of consolidation pattern also and only very Short Term Correction will be considered at this moment.
As sentiment is too much heated after Modi victory possibility in Exit Polls therefore deeper correction will not be considered at this moment but intraday volatility with panic bottom formation can not be ruled out. Expected that finally rally will remain continued after 1/2 sessions consolidation and sustaining beyond following ranges should be firstly watched for today started correction completion.
1- Today trading range(7068-7172)
2- Today gap(7020-7068)
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1- Up moves in Bearish Rising Channel
2- Selling between 7148-7172
3- Down Moves in Bullish Falling Channel
4- Last 3 hours trading between 7082-7131
5- Whole day actual trading between 7068-7172
Conclusions from intra day chart analysis
volatility after minor profit booking was told at 09:25 AM today in Post-open Outlook and it was seen after Bearish Rising Channel formation and higher levels selling. Although intraday correction today but Down Moves in Bullish Falling Channel therefore emergence of consolidation pattern also and only very Short Term Correction will be considered at this moment.
As sentiment is too much heated after Modi victory possibility in Exit Polls therefore deeper correction will not be considered at this moment but intraday volatility with panic bottom formation can not be ruled out. Expected that finally rally will remain continued after 1/2 sessions consolidation and sustaining beyond following ranges should be firstly watched for today started correction completion.
1- Today trading range(7068-7172)
2- Today gap(7020-7068)