Nifty-Intra Day Chart (26-May-2014):-
Technical Patterns and Formations in today intraday charts
1- First 5 hours selling between 7430-7504
2- Sharp fall
3- Whole day actual trading between 7270-7504
As most heated sentiment on Modi's Govt oath taking day therefore strong recovery after gap up opening but huge selling/profit booking on the back of encouraging news and resultant sharp fall after 5 hours selling.
Previous last resistances were as follows:-
1- Resistances between 7358-7432
2- Resistances between 7450-7563
As selling seen within above Resistance ranges therefore complete consolidation is required for decisive up moves above 7563. Next supports are as follows:-
1- Support between 7248-7287
2- Support between 7193-7229
3- Supports between 7082-7102
If higher levels good Resistances then lower levels equally strong supports also therefore Indian markets are not technically prepared for any side decisive moves. Expected that Nifty will remain sideways between 7082-7563 and prepare for next strong moves. Till now same view of sideways market as was updated on 19-05-2014 in following topic:-
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1- First 5 hours selling between 7430-7504
2- Sharp fall
3- Whole day actual trading between 7270-7504
Conclusions from intra day chart analysis
As most heated sentiment on Modi's Govt oath taking day therefore strong recovery after gap up opening but huge selling/profit booking on the back of encouraging news and resultant sharp fall after 5 hours selling.
Previous last resistances were as follows:-
1- Resistances between 7358-7432
2- Resistances between 7450-7563
As selling seen within above Resistance ranges therefore complete consolidation is required for decisive up moves above 7563. Next supports are as follows:-
1- Support between 7248-7287
2- Support between 7193-7229
3- Supports between 7082-7102
If higher levels good Resistances then lower levels equally strong supports also therefore Indian markets are not technically prepared for any side decisive moves. Expected that Nifty will remain sideways between 7082-7563 and prepare for next strong moves. Till now same view of sideways market as was updated on 19-05-2014 in following topic:-