Nifty-Intra Day Chart (08-Aug-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 7541-7560
2- Whole day actual trading between 7541-7592
As Geo Political tension rose last Friday after US President Obama statement of military action in Iraq and Global Stock markets were depressed therefore gap down opening and whole day negative zone trading and more than 1% down closing of all the Indices but
1- Intraday charts are not showing selling patterns formations
2- Lower levels consolidation Patterns are being seen.
Expected that firstly up moves will be seen above intraday highest(7592). As Consolidation was seen between 7631-7666 on 07-08-2014 therefore expected that Nifty will trade above 7666 also . As higher levels multiple resistances also therefore Nifty will be understood sideways between 7541-7841.
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1- Consolidation between 7541-7560
2- Whole day actual trading between 7541-7592
Conclusions from intra day chart analysis
As Geo Political tension rose last Friday after US President Obama statement of military action in Iraq and Global Stock markets were depressed therefore gap down opening and whole day negative zone trading and more than 1% down closing of all the Indices but
1- Intraday charts are not showing selling patterns formations
2- Lower levels consolidation Patterns are being seen.
Expected that firstly up moves will be seen above intraday highest(7592). As Consolidation was seen between 7631-7666 on 07-08-2014 therefore expected that Nifty will trade above 7666 also . As higher levels multiple resistances also therefore Nifty will be understood sideways between 7541-7841.
Although 300 points slipping from higher levels but as such good selling not seen between mentioned range and high possibility of rally continuation above life time high.