Nifty-Intra Day Chart (24-Jul-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 7772-7790
2- Sharp up
3- Bearish Rising Wedge formation in last hour between 7811-7835
4- Whole day actual trading between 7772-7835
Although new life time high formation and closing above 7800 yesterday but we are continuously telling in every Outlook for up moves and rally above 7655/7800 since 11-07-2014 when Nifty was trading near 7400. All the previous 20 Outlooks on Home page and Archive of this Blog are live proofs of this fact and any one can verify it any time.
Firstly lower levels good consolidation and after that sharp up but Bearish Rising Wedge formation also seen in last hour yesterday therefore follow up consolidation is firstly required between or near about 7811-7835 for valid break out and sustaining above 7800. As good consolidation between 7772-7790 therefore until Nifty will not sustain below 7772 till then any decisive down move will not be considered.
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1- Consolidation between 7772-7790
2- Sharp up
3- Bearish Rising Wedge formation in last hour between 7811-7835
4- Whole day actual trading between 7772-7835
Conclusions from intra day chart analysis
Although new life time high formation and closing above 7800 yesterday but we are continuously telling in every Outlook for up moves and rally above 7655/7800 since 11-07-2014 when Nifty was trading near 7400. All the previous 20 Outlooks on Home page and Archive of this Blog are live proofs of this fact and any one can verify it any time.
Firstly lower levels good consolidation and after that sharp up but Bearish Rising Wedge formation also seen in last hour yesterday therefore follow up consolidation is firstly required between or near about 7811-7835 for valid break out and sustaining above 7800. As good consolidation between 7772-7790 therefore until Nifty will not sustain below 7772 till then any decisive down move will not be considered.
Expected that finally rally will remain continued above 7835 after follow up consolidation in the coming sessions.