Technical Analysis and Market Outlook(24-07-2014)

Nifty-Intra Day Chart (23-Jul-2014):-

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Technical Patterns and Formations in today intraday charts

1- Selling between 7797-7808 
2- Selling between 7784-7794 
3- Consolidation between 7781-7785 
4- Consolidation between 7769-7778
5- Consolidation between 7753-7767
6- Up moves with sufficient correction  
7- Whole day actual trading between 7753-7809

Conclusions from intra day chart analysis 

Following resistance range was updated more than 10 times in last 2 weeks:-

7756-7800

As  resistances therefore following line was told in Technical Analysis and Market Outlook(23-07-2014):-

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.

Nifty traded most time within mentioned resistance range today between 7753-7809 and prepared for next big trend beyond 7756-7800 

Although higher levels selling but lower levels good consolidation also seen today therefore mixed patterns formation and more preparation(technical positions formation) is still required for any side decisive moves. As consolidation patterns also seen today between mentioned resistance range therefore emergence of rally continuation hopes above 7809 after follow up consolidation in the coming 1/2 sessions.

Expected that finally fresh rally will be seen above 7809 after follow up consolidation within and near about 7756-7800.