Technical Analysis and Market Outlook(17-06-2014)
Nifty-Intra Day Chart (16-Jun-2014):-
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1- Support,Consolidation Patterns and higher bottom formations between 7488-7510
2- Selling Patterns and higher top formations between 7524-7533
3- Whole day actual trading between 7488-7533
Conclusions from intra day chart analysis
Correction continuation and slipping below 7500 but support,Consolidation Patterns with higher bottom formations also near about 7500 therefore until Nifty will not sustain below 7500 till then deeper correction will not be seen. All the Global markets are affected from following news of Iraq in last 3/4 sessions:-
As selling patterns were also seen at higher levels below 7533 therefore mixed Patterns formations between 7488-7533 on 16-06-2014 and Nifty will trade within this range as well as prepare for next trend. As above mentioned negative news from Iraq also therefore volatility may remain high and next Short/Intermediate term trend will also be affected by this news. Firstly follow up trading with sustaining beyond 7488-7533 and finally sustaining beyond 7488-7700 should be watched for next Short to Intermediate term trend confirmations.