Nifty-Intra Day Chart (10-Jul-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 7480-7588
2- Up moves with intraday correction
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 7480-7731
High volatility on Budget day with good consolidation at lower levels and after that sharp recovery immediately after the closure of Budget speech. Although Indian markets could not sustain at higher levels but up moves were with intraday correction and down moves were in Bullish Falling Channel which are indicating consolidation therefore up moves are still expected despite 190 points slipping from higher levels in last 2 hours.
As Dow Futures slipped more than 120 points and all the European markets also traded more than 1% down therefore Indian markets would have reacted through slipping in last 2 hours and Global markets impact on Indian markets should be firstly understood tomorrow. Although US and European markets are trading more than 1% weak at this moment but good consolidation at lower levels between 7480-7588 today therefore sustaining beyond this range should be firstly watched for next trend and market reaction on Budget confirmations.
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1- Consolidation between 7480-7588
2- Up moves with intraday correction
3- Down moves in Bullish Falling Channel
4- Whole day actual trading between 7480-7731
Conclusions from intra day chart analysis
High volatility on Budget day with good consolidation at lower levels and after that sharp recovery immediately after the closure of Budget speech. Although Indian markets could not sustain at higher levels but up moves were with intraday correction and down moves were in Bullish Falling Channel which are indicating consolidation therefore up moves are still expected despite 190 points slipping from higher levels in last 2 hours.
As Dow Futures slipped more than 120 points and all the European markets also traded more than 1% down therefore Indian markets would have reacted through slipping in last 2 hours and Global markets impact on Indian markets should be firstly understood tomorrow. Although US and European markets are trading more than 1% weak at this moment but good consolidation at lower levels between 7480-7588 today therefore sustaining beyond this range should be firstly watched for next trend and market reaction on Budget confirmations.