Nifty-Intra Day Chart (21-Jul-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling in first hour between 7707-7722.
2- Down moves in Bullish Falling Channel
3- Up moves in Bearish Rising Channel
4- Lower levels consolidation patterns formations.
5- Last 5 hours trading with Mixed patterns formations between 7675-7707
6- Whole day actual trading between 7675-7722
Following line was told yesterday at 10:51 AM in Post-open Outlook:-
Following line was told yesterday at 12:34 PM in Mid-session Outlook:-
valid break of today trading range(7682-7722) will be next trend first indication and should be firstly watched now.
Last 5 hours trading with Mixed patterns formations between 7675-7707 because both buying and selling patterns seen within this range therefore Nifty is not prepared for any side decisive moves beyond yesterday trading range(7675-7722) and will firstly prepare for next trend within this range today.
Next resistances are as follows:-
1- 7690-7731
2- 7756-7800
Nifty traded most time within 1st resistance range and resistances are up to 7800 as well therefore fresh consolidation is firstly required for next rally. Follow up moves with sustaining beyond 7690-7800 will be next big trend confirmation and should be firstly watched in the coming sessions.
Let market trade and react in mentioned resistance range then next trend will be updated according to intraday charts formations completion in coming sessions and as if now following ranges should be watched for understanding next trend:-
1- 7675-7731( Below 7675 will mean down moves towards next support and above 7731 will be 1st indication of next rally above all time high)
2- 7756-7800(As good selling within this range therefore Nifty will take its own complete time for a decisive rally above 7800 and valid break out of 7800 will mean blasting rally)
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1- Selling in first hour between 7707-7722.
2- Down moves in Bullish Falling Channel
3- Up moves in Bearish Rising Channel
4- Lower levels consolidation patterns formations.
5- Last 5 hours trading with Mixed patterns formations between 7675-7707
6- Whole day actual trading between 7675-7722
Conclusions from intra day chart analysis
Following line was told yesterday at 10:51 AM in Post-open Outlook:-
As is now some profit booking seen in first hour today
Following line was told yesterday at 12:34 PM in Mid-session Outlook:-
valid break of today trading range(7682-7722) will be next trend first indication and should be firstly watched now.
As profit booking in first hour therefore Nifty closed near the lowest of the day and closed above 7682 at 7684.20 because lower levels consolidation was also seen,
Last 5 hours trading with Mixed patterns formations between 7675-7707 because both buying and selling patterns seen within this range therefore Nifty is not prepared for any side decisive moves beyond yesterday trading range(7675-7722) and will firstly prepare for next trend within this range today.
Next resistances are as follows:-
1- 7690-7731
2- 7756-7800
Nifty traded most time within 1st resistance range and resistances are up to 7800 as well therefore fresh consolidation is firstly required for next rally. Follow up moves with sustaining beyond 7690-7800 will be next big trend confirmation and should be firstly watched in the coming sessions.
Let market trade and react in mentioned resistance range then next trend will be updated according to intraday charts formations completion in coming sessions and as if now following ranges should be watched for understanding next trend:-
1- 7675-7731( Below 7675 will mean down moves towards next support and above 7731 will be 1st indication of next rally above all time high)
2- 7756-7800(As good selling within this range therefore Nifty will take its own complete time for a decisive rally above 7800 and valid break out of 7800 will mean blasting rally)
Although immediate resistances but lower levels good supports also therefore finally rally above 7800 is still expected despite yesterday closing near the lowest of the day.