Nifty-Intra Day Chart (May 19 to May 21,2014):-
Technical Patterns and Formations in last 3 Sessions intraday charts
1- Most time trading with Mixed Patterns between 7246-7287
2- Lower levels supports below 7246 and higher levels selling above 7287 in last 3 sessions.
2- 3 Sessions actual trading between 7194-7320
As sentiment turned most heated on Election results day therefore higher levels good selling and profit booking seen between 7358-7563 on 16-05-2014 therefore complete consolidation is required for next decisive up moves above 7563. As it was expected therefore following line was told on 19-05-2014 in Sideways Market between 7082-7563:-
Short Term correction seen and most time trading with mixed Patterns between 7246-7287 in last 3 sessions therefore sustaining beyond this range should be firstly watched for next trend first indication. Supports below 7246 and higher levels selling above 7287 in last 3 sessions therefore Nifty may trade between 7194-7320 amid volatility.
Although some indications of consolidation in last 2 sessions but not as much clear,follow up moves with sustaining beyond following levels and crucial ranges will be firstly watched in the coming sessions:-
1- 7246-7287(For first indication)
2- 7194-7320(For next decisive moves)
3- 7082-7563(For next big moves)
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1- Most time trading with Mixed Patterns between 7246-7287
2- Lower levels supports below 7246 and higher levels selling above 7287 in last 3 sessions.
2- 3 Sessions actual trading between 7194-7320
Conclusions from 3 Sessions intra day chart analysis
As sentiment turned most heated on Election results day therefore higher levels good selling and profit booking seen between 7358-7563 on 16-05-2014 therefore complete consolidation is required for next decisive up moves above 7563. As it was expected therefore following line was told on 19-05-2014 in Sideways Market between 7082-7563:-
"oscillators are overbought and sentiment is over heated after Modi victory therefore Short Term correction possibility can not be ruled out"
Short Term correction seen and most time trading with mixed Patterns between 7246-7287 in last 3 sessions therefore sustaining beyond this range should be firstly watched for next trend first indication. Supports below 7246 and higher levels selling above 7287 in last 3 sessions therefore Nifty may trade between 7194-7320 amid volatility.
Although some indications of consolidation in last 2 sessions but not as much clear,follow up moves with sustaining beyond following levels and crucial ranges will be firstly watched in the coming sessions:-
1- 7246-7287(For first indication)
2- 7194-7320(For next decisive moves)
3- 7082-7563(For next big moves)