Nifty-Intra Day Chart (12-Aug-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling patterns between 7670-7678
2- Down moves in Bullish Falling Channel
3- Consolidation between 7655-7664
4- Mixed Patterns between 7655-7678 in first 5 hours.
5- More than .90% rally in last hours.
6- Whole day actual trading between 7655-7735
Although more than .90% rally in last hours but without required force and mixed Patterns formations also between 7655-7678 in first 5 hours therefore fresh follow up consolidation is firstly required tomorrow for next rally above today highest. Next supports and next resistances are as follows:-
1- Support between 7655-7664
2- Support between 7599-7616
3- Support between 7541-7560
1- Resistance between 7773-7791
2- Resistance between 7811-7835
Long and Intermediate term trends are up and Short Term trend is sideways between 7423-7840 for the last 47 sessions. Nifty will firstly trade and prepare for next trend between 7664-7773 in the coming sessions. Nifty has retraced 2 times earlier from 7800 but as such good selling not seen between above mentioned resistance ranges and follow up consolidation tomorrow will mean high possibility of rally continuation after new life time high formation.
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1- Selling patterns between 7670-7678
2- Down moves in Bullish Falling Channel
3- Consolidation between 7655-7664
4- Mixed Patterns between 7655-7678 in first 5 hours.
5- More than .90% rally in last hours.
6- Whole day actual trading between 7655-7735
Conclusions from intra day chart analysis
Although more than .90% rally in last hours but without required force and mixed Patterns formations also between 7655-7678 in first 5 hours therefore fresh follow up consolidation is firstly required tomorrow for next rally above today highest. Next supports and next resistances are as follows:-
1- Support between 7655-7664
2- Support between 7599-7616
3- Support between 7541-7560
1- Resistance between 7773-7791
2- Resistance between 7811-7835
Long and Intermediate term trends are up and Short Term trend is sideways between 7423-7840 for the last 47 sessions. Nifty will firstly trade and prepare for next trend between 7664-7773 in the coming sessions. Nifty has retraced 2 times earlier from 7800 but as such good selling not seen between above mentioned resistance ranges and follow up consolidation tomorrow will mean high possibility of rally continuation after new life time high formation.
Although follow up consolidation is firstly required in the coming sessions for next strong rally above 7840 but last 47 sessions trading patterns on EOD chart are suggesting Bullish patterns formation therefore expected that this time Nifty will not retrace from 7800 and finally rally will be seen after new life time high formation.