Nifty-Intra Day Chart (17-Jun-2014):-
Technical Patterns and Formations in today intraday charts
1- First 5 hours consolidation between 7510-7552
2- Whole day actual trading between 7510-7637
Sharp up after first 5 hours consolidation and supports between 7510-7552 and Support,Consolidation Patterns with higher bottom formations was seen between 7488-7510 also on 16-06-2014 therefore 7488-7552 has turned strong support range in last 2 sessions. Although negative news of oil Prices rise and weakness of Indian Rupee due to civil war in Iraq but Indian markets got good supports therefore strong signal of on going correction completion. Complete selling is required for any decisive down moves below the lowest(7488) of last 2 sessions and until Nifty will not sustain below it till then deeper correction will not be seen..
Last 8 Sessions actual trading between 7488-7700 with lower levels good supports and higher levels resistances also 7652-7673 therefore still Nifty will be understood sideways between 7488-7700 and view will remain cautious because negative news of Oil rates hike from Iraq. As Indian markets completely ignored this negative news yesterday and follow up consolidation with sustaining above 7673 will mean strong rally above 7700.
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1- First 5 hours consolidation between 7510-7552
2- Whole day actual trading between 7510-7637
Conclusions from intra day chart analysis
Sharp up after first 5 hours consolidation and supports between 7510-7552 and Support,Consolidation Patterns with higher bottom formations was seen between 7488-7510 also on 16-06-2014 therefore 7488-7552 has turned strong support range in last 2 sessions. Although negative news of oil Prices rise and weakness of Indian Rupee due to civil war in Iraq but Indian markets got good supports therefore strong signal of on going correction completion. Complete selling is required for any decisive down moves below the lowest(7488) of last 2 sessions and until Nifty will not sustain below it till then deeper correction will not be seen..
Last 8 Sessions actual trading between 7488-7700 with lower levels good supports and higher levels resistances also 7652-7673 therefore still Nifty will be understood sideways between 7488-7700 and view will remain cautious because negative news of Oil rates hike from Iraq. As Indian markets completely ignored this negative news yesterday and follow up consolidation with sustaining above 7673 will mean strong rally above 7700.
View is cautiously Bullish because of insurgents dominance in Iraq otherwise strong rally is on cards above 7700.