Nifty-Intra Day Chart (18-Jun-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 7626-7663
2- Consolidation between 7516-7566
3- Whole day actual trading between 7516-7663
Following lines were told today at 06:11 AM in Technical Analysis and Market Outlook(18-06-2014):-
1- 7488-7552 has turned strong support
2- higher levels resistances also 7652-7673
3- sustaining above 7673 will mean strong rally above 7700
4- still Nifty will be understood sideways between 7488-7700
Nifty honoured above levels whole day in following manner:-
Follow up selling was seen between mentioned resistance range and Nifty slipped below this range also therefore next strong resistance range will be 7626-7673. In the same manner Nifty got supports between mentioned strong support range and sharply recovered also above this range therefore next strong support range will be 7488-7566.
Long and Intermediate Term Trends are up and Short Term Trend is sideways between 7488-7700 for the last 9 Sessions. As lower levels strong supports and and equally strong resistances at higher levels within this range therefore more technical positions formations is still required for decisive moves beyond this range and Nifty will firstly prepare for that tomorrow.
As some times Bull markets complete its correction within sideways moves therefore on going Short Term correction completion possibility within sideways market between 7488-7700 can not be ruled out. Expected that Nifty will firstly prepare for next decisive moves between and near about 7488-7700 and finally rally will be seen above 7700 in the coming sessions.
 |
| Just click on chart for its enlarged view |
1- Selling between 7626-7663
2- Consolidation between 7516-7566
3- Whole day actual trading between 7516-7663
Conclusions from intra day chart analysis
Following lines were told today at 06:11 AM in Technical Analysis and Market Outlook(18-06-2014):-
1- 7488-7552 has turned strong support
2- higher levels resistances also 7652-7673
3- sustaining above 7673 will mean strong rally above 7700
4- still Nifty will be understood sideways between 7488-7700
Nifty honoured above levels whole day in following manner:-
Resistances between 7652-7673 was told and Nifty retraced from 7663,strong support were told between 7488-7552 and Nifty closed above this range at 7558.20 today. Sideways market was told between 7488-7700 and Nifty traded whole day within this range.
Follow up selling was seen between mentioned resistance range and Nifty slipped below this range also therefore next strong resistance range will be 7626-7673. In the same manner Nifty got supports between mentioned strong support range and sharply recovered also above this range therefore next strong support range will be 7488-7566.
Long and Intermediate Term Trends are up and Short Term Trend is sideways between 7488-7700 for the last 9 Sessions. As lower levels strong supports and and equally strong resistances at higher levels within this range therefore more technical positions formations is still required for decisive moves beyond this range and Nifty will firstly prepare for that tomorrow.
As some times Bull markets complete its correction within sideways moves therefore on going Short Term correction completion possibility within sideways market between 7488-7700 can not be ruled out. Expected that Nifty will firstly prepare for next decisive moves between and near about 7488-7700 and finally rally will be seen above 7700 in the coming sessions.