Nifty-Intra Day Chart (26-Aug-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 7898-7915
2- Consolidation between 7863-7884
3- Whole day actual trading between 7863-7915
Importance of supports at 7856 was told in the all the Outlooks for yesterday trading and Nifty got supports just above it at 7862.45 yesterday as well as strong recovery also seen from lower levels. Although lower levels supports but higher levels good selling were also seen yesterday therefore firstly follow up consolidation is required for sustaining above yesterday highest(7915).
As 5 hours Selling between 7940-7968 on 25-08-2014 which is just above yesterday selling rangeselling range(7898-7915) therefore 7898-7968 will be understood strong resistance range and complete consolidation is must for decisive rally above life time highest.
Although flat to positive Asian markets but SGX Nifty is trading more than 25 points up today morning therefore positive opening may be seen in Indian markets but immediate decisive up moves will not be seen because above mentioned resistances are lying at higher levels.
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1- Selling between 7898-7915
2- Consolidation between 7863-7884
3- Whole day actual trading between 7863-7915
Conclusions from intra day chart analysis
Importance of supports at 7856 was told in the all the Outlooks for yesterday trading and Nifty got supports just above it at 7862.45 yesterday as well as strong recovery also seen from lower levels. Although lower levels supports but higher levels good selling were also seen yesterday therefore firstly follow up consolidation is required for sustaining above yesterday highest(7915).
As 5 hours Selling between 7940-7968 on 25-08-2014 which is just above yesterday selling rangeselling range(7898-7915) therefore 7898-7968 will be understood strong resistance range and complete consolidation is must for decisive rally above life time highest.
Although flat to positive Asian markets but SGX Nifty is trading more than 25 points up today morning therefore positive opening may be seen in Indian markets but immediate decisive up moves will not be seen because above mentioned resistances are lying at higher levels.
Nifty will trade and prepare for next trend between 7856-7968 in the coming sessions and finally sustaining beyond this range will be next big trend confirmation.