Nifty-Intra Day Chart (08-Jul-2014):-
Technical Patterns and Formations in today intraday charts
1- Firstly more than 4 hours trading with mixed Patterns between 7722-7777
2- Sharp Fall in last 2 hours but within Bullish Falling Channel
3- Whole day actual trading between 7596-7808
Conclusions from intra day chart analysis
More than 200 points huge fall from intraday higher levels was seen today but we cautioned well before yesterday in both previous Outlooks and told following lines:-
1- We told yesterday at 12:22 PM in Mid-session Outlook(07-07-2014):-
(a) minor profit booking is being seen today.
(b) negative zone trading can not be ruled out today.
2- Although yesterday closing neat the higher levels on the day but we told in Technical Analysis and Market Outlook(08-07-2014):-
(a) Although whole day positive zone trading and closing near the higher levels of the day but higher levels profit booking with selling in last half hour was also seen
(b) fresh consolidation is firstly required for sustained rally above today highest.
As mixed Patterns formations in first more than 4 hours and after that sharp Fall in last 2 hours within Bullish Falling Channel therefore today huge down moves will be understood a process of consolidation amid Budget led most heated sentiments. Next support is between 7622-7633 and Nifty closed within this range today therefore sustaining beyond this range will decide today started correction continuation/completion.
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1- Firstly more than 4 hours trading with mixed Patterns between 7722-7777
2- Sharp Fall in last 2 hours but within Bullish Falling Channel
3- Whole day actual trading between 7596-7808
Conclusions from intra day chart analysis
More than 200 points huge fall from intraday higher levels was seen today but we cautioned well before yesterday in both previous Outlooks and told following lines:-
1- We told yesterday at 12:22 PM in Mid-session Outlook(07-07-2014):-
(a) minor profit booking is being seen today.
(b) negative zone trading can not be ruled out today.
2- Although yesterday closing neat the higher levels on the day but we told in Technical Analysis and Market Outlook(08-07-2014):-
(a) Although whole day positive zone trading and closing near the higher levels of the day but higher levels profit booking with selling in last half hour was also seen
(b) fresh consolidation is firstly required for sustained rally above today highest.
As mixed Patterns formations in first more than 4 hours and after that sharp Fall in last 2 hours within Bullish Falling Channel therefore today huge down moves will be understood a process of consolidation amid Budget led most heated sentiments. Next support is between 7622-7633 and Nifty closed within this range today therefore sustaining beyond this range will decide today started correction continuation/completion.
Expected that Nifty will not sustain below 7622 and fresh rally will firstly start above 7633 as well as finally up moves will be seen above 7808 in the coming sessions of this week.