Nifty-Intra Day Chart (15-Jul-2014):-
Technical Patterns and Formations in today intraday charts
1- Profit booking between 7507-7524
2- Supports between 7460-7475
3- Follow up consolidation
4- Sharp up in last hours.
5- Whole day actual trading between 7460-7534
When Nifty was trading near the lowest of the day yesterday at 7435 then following lines were told at 01:10 PM in Mid-session Outlook(14-07-2014):-
consolidation patterns formations therefore expected that deeper correction will not be seen and correction will complete near about 7400.
Following lines were told yesterday in Technical Analysis and Market Outlook(15-07-2014):-
up moves will be firstly seen towards 7690 as well as it is expected also in the coming sessions.
Firstly gap up strong opening but immediately after that profit booking between 7507-7524 in first 2 hours and sharp down moves seen today. As lower levels supports also seen between 7460-7475 therefore emergence of correction completion possibility above yesterday lowest(7423). Although good follow up consolidation in last 3 hours but sufficiently good selling also seen in first 2 hours therefore confirmation through sustaining above today resistance(7507-7524) is firstly required tomorrow because that will mean base formation at lower levels in last 2 sessions between 7423-7478 for next strong rally .
As sentiment was much heated and cooling down was required therefore correction was seen from 7808 after Rail and Union Budget in previous week but lower levels supports with consolidation was seen above 7423 in both previous sessions of this week. Now Nifty will be understood sideways between 7423-7808 and more up moves are expected towards next resistance(7690). As following resistances therefore follow up consolidation is firstly required for new all time high formation and next rally above 7808:-
1- 7690-7731
2- 7756-7800
 |
| Just click on chart for its enlarged view |
1- Profit booking between 7507-7524
2- Supports between 7460-7475
3- Follow up consolidation
4- Sharp up in last hours.
5- Whole day actual trading between 7460-7534
Conclusions from intra day chart analysis
When Nifty was trading near the lowest of the day yesterday at 7435 then following lines were told at 01:10 PM in Mid-session Outlook(14-07-2014):-
consolidation patterns formations therefore expected that deeper correction will not be seen and correction will complete near about 7400.
Following lines were told yesterday in Technical Analysis and Market Outlook(15-07-2014):-
up moves will be firstly seen towards 7690 as well as it is expected also in the coming sessions.
As was told 2 times yesterday 100% same happened today and whole day positive zone trading with Nifty closing 0.97% up today
Firstly gap up strong opening but immediately after that profit booking between 7507-7524 in first 2 hours and sharp down moves seen today. As lower levels supports also seen between 7460-7475 therefore emergence of correction completion possibility above yesterday lowest(7423). Although good follow up consolidation in last 3 hours but sufficiently good selling also seen in first 2 hours therefore confirmation through sustaining above today resistance(7507-7524) is firstly required tomorrow because that will mean base formation at lower levels in last 2 sessions between 7423-7478 for next strong rally .
As sentiment was much heated and cooling down was required therefore correction was seen from 7808 after Rail and Union Budget in previous week but lower levels supports with consolidation was seen above 7423 in both previous sessions of this week. Now Nifty will be understood sideways between 7423-7808 and more up moves are expected towards next resistance(7690). As following resistances therefore follow up consolidation is firstly required for new all time high formation and next rally above 7808:-
1- 7690-7731
2- 7756-7800