Nifty-Intra Day Chart (26-Jun-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling immediately after opening
2- Sharp fall
3- Follow up between 7515-7540
4- Sharp fall again
5- Whole day actual trading between 7482-7570
As disappointing news of Gas price revision deferring decision therefore selling developed immediately after opening and follow up selling also seen. As soon as intraday charts started to show clear selling patterns then following lines were told yesterday at 01:42PM in Mid-session Outlook:-
Follow up selling also seen between 7515-7540 in last 4 hours therefore testing possibility of following 2 immediate supports:-
1- 7488
2- 7441
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1- Selling immediately after opening
2- Sharp fall
3- Follow up between 7515-7540
4- Sharp fall again
5- Whole day actual trading between 7482-7570
Conclusions from intra day chart analysis
As disappointing news of Gas price revision deferring decision therefore selling developed immediately after opening and follow up selling also seen. As soon as intraday charts started to show clear selling patterns then following lines were told yesterday at 01:42PM in Mid-session Outlook:-
Follow up selling also seen between 7515-7540 in last 4 hours therefore testing possibility of following 2 immediate supports:-
1- 7488
2- 7441
Correction continuation and no signal of its completion yet,above mentioned 1st support has been tested and 2nd support testing possibility can not be ruled out. Let consolidation patterns develop then on going correction completion will be considered otherwise correction is on and its continuation is expected.