Nifty-Intra Day Chart (14-May-2014):-
Technical Patterns and Formations in today intraday charts
1- Firstly higher levels minor selling.
2- Down Moves in Bullish Falling Channel between 10:00 AM and 01:45 PM
3- Most time trading between 7087-7121
3- Whole day actual trading between 7080-7142
Firstly higher levels minor selling but after that almost 4 hours Down Moves in Bullish Falling Channel which is consolidation pattern therefore rally continuation hopes are alive. Nifty traded last 3 hours between 7082-7131 yesterday and most time trading between this range today with some consolidation pattern formation within this range therefore expected that this range will be broken out and sustaining above 7131 will be correction completion and rally continuation confirmation.
As Exit Pools are showing Modi victory possibility and much heated sentiment therefore complete consolidation is required and panic bottom formation possibility should be kept in mind but much deeper correction is not expected and consolidation will be seen above 7020.
Expected that finally rally will be seen in the coming 2/3 sessions
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1- Firstly higher levels minor selling.
2- Down Moves in Bullish Falling Channel between 10:00 AM and 01:45 PM
3- Most time trading between 7087-7121
3- Whole day actual trading between 7080-7142
Conclusions from intra day chart analysis
Firstly higher levels minor selling but after that almost 4 hours Down Moves in Bullish Falling Channel which is consolidation pattern therefore rally continuation hopes are alive. Nifty traded last 3 hours between 7082-7131 yesterday and most time trading between this range today with some consolidation pattern formation within this range therefore expected that this range will be broken out and sustaining above 7131 will be correction completion and rally continuation confirmation.
As Exit Pools are showing Modi victory possibility and much heated sentiment therefore complete consolidation is required and panic bottom formation possibility should be kept in mind but much deeper correction is not expected and consolidation will be seen above 7020.
Expected that finally rally will be seen in the coming 2/3 sessions