Nifty-Intra Day Chart (22-Jul-2014):-
Technical Patterns and Formations in today intraday charts
1- Up moves in Bearish Rising Channel
2- Consolidation between 7705-7733
3- Strong recovery from lower levels in last hour.
4- Whole day actual trading between 7705-7773
Although more than 2 hours up moves in Bearish Rising Channel and channel broken down also but lower levels good consolidation before strong recovery in last hour. Last resistances of Nifty are between 7756-7800 and closing within this range yesterday but more consolidations is firstly require for valid break out above 7800.
As Indian markets closed near the highs yesterday and most Global markets are positive therefore sentiment is heated today morning and trading above 7800 after gap up opening can not be ruled out but fresh consolidation is firstly required for fresh decisive rally above 7800.
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1- Up moves in Bearish Rising Channel
2- Consolidation between 7705-7733
3- Strong recovery from lower levels in last hour.
4- Whole day actual trading between 7705-7773
Conclusions from intra day chart analysis
Although more than 2 hours up moves in Bearish Rising Channel and channel broken down also but lower levels good consolidation before strong recovery in last hour. Last resistances of Nifty are between 7756-7800 and closing within this range yesterday but more consolidations is firstly require for valid break out above 7800.
As Indian markets closed near the highs yesterday and most Global markets are positive therefore sentiment is heated today morning and trading above 7800 after gap up opening can not be ruled out but fresh consolidation is firstly required for fresh decisive rally above 7800.
All the previous 20 Outlooks on Home page and Archive of this Blog are live proofs of this fact that finally up moves and rally above 7655/7800 are being continuously told since 11-07-2014 when Nifty was trading near 7400 and still expected that rally will remain continued after follow up consolidations.