Nifty-Intra Day Chart (31-Jul-2014):-
Technical Patterns and Formations in today intraday charts
1- First 4 hours trading between 7773-7791 with mixed patterns formations
2- Last 3 hours Down moves in Bullish Falling Channel
3- Whole day actual trading between 7722-7791
Although closing at the lowest of the day but first 4 hours trading with mixed patterns formations and last 3 hours Down moves in Bullish Falling Channel therefore .90 down closing will be understood only derivative expiry reaction. As clear selling patterns not seen and emergence of consolidation patterns also therefore still expectations of rally continuation above 7840 are alive.
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1- First 4 hours trading between 7773-7791 with mixed patterns formations
2- Last 3 hours Down moves in Bullish Falling Channel
3- Whole day actual trading between 7722-7791
Conclusions from intra day chart analysis
Although closing at the lowest of the day but first 4 hours trading with mixed patterns formations and last 3 hours Down moves in Bullish Falling Channel therefore .90 down closing will be understood only derivative expiry reaction. As clear selling patterns not seen and emergence of consolidation patterns also therefore still expectations of rally continuation above 7840 are alive.
As all the Global markets are in Red and some are deep down therefore sentiment is depressed today morning therefore firstly negative zone trading after gap down opening will be seen but finally rally will be seen in the coming weeks.