Nifty-Intra Day Chart (Sep 02 to Sep 05,2014):-
Technical Patterns and Formations in last 4 Sessions intraday charts
1- 4 Sessions most time trading between 8064-8139.
2- Higher levels selling in last 3 sessions between 8100-8139
3- Lower levels supports in last 3 sessions between 8064-8082
All trends are up and market is most Bullish but Oscillators are showing negative divergence in Overbought zone therefore correction is very much due also. It should be kept in mind that market require complete selling patterns on daily charts before any deeper correction and such patterns have not developed yet therefore depper correction will not be considered at this moment.
Last 4 Sessions sideways trading with higher levels selling and lower levels supports between 8064-8139 therefore Nifty will firstly remain range bound within this range and prepare for next decisive moves in the beginning of next week. As sometimes Bullish markets complete its correction in sideways mode also therefore this possibility should also be considered and valid break out of last 4 sessions range(8064-8139) should be first watched in the coming week for next decisive trend.
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1- 4 Sessions most time trading between 8064-8139.
2- Higher levels selling in last 3 sessions between 8100-8139
3- Lower levels supports in last 3 sessions between 8064-8082
Conclusions from 4 Sessions intra day chart analysis
All trends are up and market is most Bullish but Oscillators are showing negative divergence in Overbought zone therefore correction is very much due also. It should be kept in mind that market require complete selling patterns on daily charts before any deeper correction and such patterns have not developed yet therefore depper correction will not be considered at this moment.
Last 4 Sessions sideways trading with higher levels selling and lower levels supports between 8064-8139 therefore Nifty will firstly remain range bound within this range and prepare for next decisive moves in the beginning of next week. As sometimes Bullish markets complete its correction in sideways mode also therefore this possibility should also be considered and valid break out of last 4 sessions range(8064-8139) should be first watched in the coming week for next decisive trend.