Nifty-Intra Day Chart (16-Jul-2014):-
Technical Patterns and Formations in today intraday charts
1- More than 5 hours consolidation between 7534-7572
2- Sharp up moves in last hour.
3- Whole day actual trading between 7534-7640.
Although sharp Up moves started at 02:29 PM but we predicted it at 01:08 PM and told following lines in Mid-session Outlook(16-07-2014)
We told following line yesterday in Technical Analysis and Market Outlook(16-07-2014)
1- emergence of correction completion possibility above yesterday lowest(7423).
2- more up moves are expected towards next resistance(7690)
Following conclusions were projected in Technical Analysis and Market Outlook(15-07-2014 & 16-07-2014) and being repeated for coming sessions also:-
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
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1- More than 5 hours consolidation between 7534-7572
2- Sharp up moves in last hour.
3- Whole day actual trading between 7534-7640.
Conclusions from intra day chart analysis
Although sharp Up moves started at 02:29 PM but we predicted it at 01:08 PM and told following lines in Mid-session Outlook(16-07-2014)
strong indications of fresh rally beginning after correction completion in previous 2 sessions.
We told following line yesterday in Technical Analysis and Market Outlook(16-07-2014)
1- emergence of correction completion possibility above yesterday lowest(7423).
2- more up moves are expected towards next resistance(7690)
As was told well before for today up moves same happened and more than 1% rally seen today.
Following conclusions were projected in Technical Analysis and Market Outlook(15-07-2014 & 16-07-2014) and being repeated for coming sessions also:-
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