Nifty-Intra Day Chart (25-Aug-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 7940-7968 in first 5 hours
2- Down moves in last hour
3- Whole day actual trading between 7898-7968
Although down moves in last hour today but we told about it well before its happening and told following lines:-
1- At 2:32 PM on 22-08-2014 in Mid-session Outlook(22-08-2014):-"minor down moves below today lowest(7903) can not be ruled out"
2- At 01:44 AM on 25-08-2014 in Technical Analysis,Research & Weekly Outlook(Aug 25 to Aug 28,2014):- "emergence of Short Term correction possibility before next decisive and strong rally above life time high(7929)"
4 Sessions sideways trading between 7856-7929 in previous week with following supports and resistances:-
1- Resistances between 7898-7929
2- Supports between 7856-7891
As today closing is within above mentioned resistance range and good selling just above it today between 7940-7968 therefore complete consolidation is required for any decisive rally above today highest and high possibility of slipping towards above mentioned supports range. Firstly sustaining beyond 7856 should be watched in the coming sessions for:-
1- Deeper correction below 7856
2- Today started correction completion above 7856
No guessing and sustaining beyond 7856 should be firstly watched for above mentioned moves because next big trend of Indian markets will be decided according to follow up moves in the coming sessions.
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1- Selling between 7940-7968 in first 5 hours
2- Down moves in last hour
3- Whole day actual trading between 7898-7968
Conclusions from intra day chart analysis
Although down moves in last hour today but we told about it well before its happening and told following lines:-
1- At 2:32 PM on 22-08-2014 in Mid-session Outlook(22-08-2014):-"minor down moves below today lowest(7903) can not be ruled out"
2- At 01:44 AM on 25-08-2014 in Technical Analysis,Research & Weekly Outlook(Aug 25 to Aug 28,2014):- "emergence of Short Term correction possibility before next decisive and strong rally above life time high(7929)"
4 Sessions sideways trading between 7856-7929 in previous week with following supports and resistances:-
1- Resistances between 7898-7929
2- Supports between 7856-7891
As today closing is within above mentioned resistance range and good selling just above it today between 7940-7968 therefore complete consolidation is required for any decisive rally above today highest and high possibility of slipping towards above mentioned supports range. Firstly sustaining beyond 7856 should be watched in the coming sessions for:-
1- Deeper correction below 7856
2- Today started correction completion above 7856
No guessing and sustaining beyond 7856 should be firstly watched for above mentioned moves because next big trend of Indian markets will be decided according to follow up moves in the coming sessions.