Nifty-Intra Day Chart (27-Aug-2014):-
Technical Patterns and Formations in today intraday charts
1- Most time trading between 7934-7946
2- Down moves in Bullish Falling Channel within most time trading range.
3- Support between 7917-7928
4- Whole day actual trading between 7917-7946
Following lines were told today at 08:11 AM in Technical Analysis and Market Outlook(27-08-2014)
As 5 hours Selling between 7940-7968 on 25-08-2014 which is just above yesterday selling range(7898-7915) therefore 7898-7968 will be understood strong resistance range and complete consolidation is must for decisive rally above life time highest.
As Indian markets were not prepared for any rally therefore Nifty traded most time within last 2 sessions selling ranges between 7934-7946 and prepared for next trend. Although slipping below most time trading range and sharp fall was also seen at 02:45 PM but today intraday charts are showing consolidation patterns also.
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1- Most time trading between 7934-7946
2- Down moves in Bullish Falling Channel within most time trading range.
3- Support between 7917-7928
4- Whole day actual trading between 7917-7946
Conclusions from intra day chart analysis
Following lines were told today at 08:11 AM in Technical Analysis and Market Outlook(27-08-2014)
As 5 hours Selling between 7940-7968 on 25-08-2014 which is just above yesterday selling range(7898-7915) therefore 7898-7968 will be understood strong resistance range and complete consolidation is must for decisive rally above life time highest.
As Indian markets were not prepared for any rally therefore Nifty traded most time within last 2 sessions selling ranges between 7934-7946 and prepared for next trend. Although slipping below most time trading range and sharp fall was also seen at 02:45 PM but today intraday charts are showing consolidation patterns also.
Finally trading patterns of today will be understood a part of consolidation process and emergence of fresh rally continuation expectations in next week but follow up consolidation is equally required because last resistance range(7940-7968) is strong.