Nifty-Intra Day Chart (03-Jul-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling immediately after opening
2- Selling between 7730-7740
3- Down moves in Bullish Falling Channels
4- More than 2 hours trading with mixed patterns between 7707-7729
5- Lower levels 5 times supports above 7700
6- Whole day actual trading between 7707-7754
Although sentiment was heated but without force slow up moves with Bearish Rising Channel formation was seen yesterday therefore requirement of sustaining above 7700 with follow up consolidation was told in most of the Outlooks yesterday and today. Nifty sustained above 7700 whole day today but complete consolidation was not seen today selling with lower levels 5 times supports above 7700 and some consolidation also seen today.
Certainly higher levels selling but consolidation patterns formations also today therefore signals of consolidation process continuation and possibility of slipping below 7700 can not be ruled out under on going consolidation process. All trends are up and Budget is only 5 sessions away therefore much deeper correction is not expected and possibility of higher levels consolidation.
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1- Selling immediately after opening
2- Selling between 7730-7740
3- Down moves in Bullish Falling Channels
4- More than 2 hours trading with mixed patterns between 7707-7729
5- Lower levels 5 times supports above 7700
6- Whole day actual trading between 7707-7754
Conclusions from intra day chart analysis
Although sentiment was heated but without force slow up moves with Bearish Rising Channel formation was seen yesterday therefore requirement of sustaining above 7700 with follow up consolidation was told in most of the Outlooks yesterday and today. Nifty sustained above 7700 whole day today but complete consolidation was not seen today selling with lower levels 5 times supports above 7700 and some consolidation also seen today.
Certainly higher levels selling but consolidation patterns formations also today therefore signals of consolidation process continuation and possibility of slipping below 7700 can not be ruled out under on going consolidation process. All trends are up and Budget is only 5 sessions away therefore much deeper correction is not expected and possibility of higher levels consolidation.
As both selling and consolidation therefore mixed patterns formations between 7707-7754 today and market has to prepare for next decisive post Budget big moves. Let market prepare then will be updated according to intraday charts formations as being done for the last more than 4 years.