Nifty-Micro Analysis of 6 Sessions Intra Day Chart
(Jun 16 to Jun 20,2014)
Nifty-Intra Day Chart (Jun 09 to Jun 13,2014):- |
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1- Consolidation between 7500-7525 on 06-06-2014
2- Selling between 7652-7673 on 09-06-2014
2- Consolidation between 7527-7562 on 13-06-2014
1- Mixed Patterns between 7627-7670 in last 3 sessions.
3- 6 Sessions actual trading between 7500-7700
Conclusions from 6 Sessions intra day chart analysis
6 Sessions actual trading between 7500-7700 and correction seen within this range after higher levels selling but lower levels good supports also seen within it therefore mixed Patterns formations between this range and more preparation is required for decisive moves beyond this range as well as sustaining beyond this range will be next decisive big moves confirmations.
Nifty-Intra Day Chart (13-Jun-2014):-
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1- Mixed Patterns between 7650-7670
2- Down moves in Bullish Falling Channel
3- Consolidation Patterns between 7527-7562
4- Whole day actual trading between 7527-7670
Conclusions from intra day chart analysis
As political disturbance in Iraq and Crude rates hiked therefore most Global markets remained flat to negative and resultant sharp fall in Indian markets also. Although closing near the lower levels of the day but consolidation Patterns were also seen and emergence of on going correction completion expectations.
Conclusions (After Putting All Studies Together)
Very Short Term correction in previous week and minor change in EOD charts therefore just click following link of previous weekly analysis and understsnd analysis of EOD Charts:-
Long and Intermediate Term Trends are up and Very Short Term trend turned down in previous week as well as Wave-v of Wave-3 continuation with new highest formation at 7700.05 on 11-06-2014. Last 6 Sessions actual trading between 7500-7700 with lower levels good supports therefore sideways correction will be understood at this moment. As consolidation between 7500-7525 on 06-06-2014 and follow up consolidation seen just above it between 7527-7562 on 13-06-2014 therefore emergence of rally continuation expectation after previous week started correction completion.
Expected that Nifty will prepare for next decisive moves within 7500-7700 in the beginning of next week and finally rally will remain continued after follow up consolidations in next week.