Nifty-Intra Day Chart (05-Aug-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 7639-7666
2- Highly volatile market
3- Mixed Patterns between 7737-7752
4- Whole day actual trading between 7639-7752
Highly volatile market with lower levels supports and higher levels Mixed Patterns as well as next immediate resistances above today highest are as follows:-
1- 7773-7791
2- 7811-7835
As Mixed Patterns formations between 7737-7752 in last hour today and above mentioned resistances just above today highest therefore follow up consolidation is firstly required for fresh strong rally after new life time high formations. Forceful break out of immediate resistance range(7700-7717) after lower levels consolidation today therefore emergence of rally continuation possibility in the coming sessions.
US markets are trading more than .90% down at this moment and its such weaker closing will mean depressed sentiments tomorrow morning and resultant possibility of negative Asian markets as well as weak opening of Indian markets. Although forceful break out of immediate resistance range(7700-7717) today but sustaining beyond this range will give next immediate trend confirmation therefore sustaining beyond 7700-7835 should be finally watched in the coming sessions for next decisive moves confirmation.
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1- Consolidation between 7639-7666
2- Highly volatile market
3- Mixed Patterns between 7737-7752
4- Whole day actual trading between 7639-7752
Conclusions from intra day chart analysis
Highly volatile market with lower levels supports and higher levels Mixed Patterns as well as next immediate resistances above today highest are as follows:-
1- 7773-7791
2- 7811-7835
As Mixed Patterns formations between 7737-7752 in last hour today and above mentioned resistances just above today highest therefore follow up consolidation is firstly required for fresh strong rally after new life time high formations. Forceful break out of immediate resistance range(7700-7717) after lower levels consolidation today therefore emergence of rally continuation possibility in the coming sessions.
US markets are trading more than .90% down at this moment and its such weaker closing will mean depressed sentiments tomorrow morning and resultant possibility of negative Asian markets as well as weak opening of Indian markets. Although forceful break out of immediate resistance range(7700-7717) today but sustaining beyond this range will give next immediate trend confirmation therefore sustaining beyond 7700-7835 should be finally watched in the coming sessions for next decisive moves confirmation.
Finally fresh rally after new life time high formation is expected in the coming sessions.