As sentiment was heated and resistances just below 7800 therefore intraday correction was required and being seen after gap up opening and new all time high formation at 7809.20. Nifty is trading flat after loosing all intraday gains but today patterns are showing consolidation indications about which we told following lines in Technical Analysis and Market Outlook(23-07-2014):-
1- more consolidations is firstly require for valid break out above 7800.
2- fresh consolidation is firstly required for fresh decisive rally above 7800.
As intraday charts are showing consolidation indications today therefore rally continuation above 7800 is expected in the coming 1/2 sessions.
1- more consolidations is firstly require for valid break out above 7800.
2- fresh consolidation is firstly required for fresh decisive rally above 7800.
As intraday charts are showing consolidation indications today therefore rally continuation above 7800 is expected in the coming 1/2 sessions.