Nifty-Intra Day Chart (16-Sep-2014):-
Technical Patterns and Formations in today intraday charts
1- First 3 hours selling between 8022-8040
2- Continuous down moves in last 4 hours
3- Bullish Falling Wedge formations in last hour.
4- Whole day actual trading between 7926-8040
Although deeper correction was seen and Nifty closed 1.36% down today but we were continuously telling for such down moves since 12-09-2014. Nifty closed near the lowest of the day but Bullish Falling Wedge pattern formations was also seen in last hour today therefore emergence of Pull Back rally possibility tomorrow. Next supports are as follows:-
1- 7924-7952(Nifty closed within this range today)
2- 7856-7891
As Nifty closed within above mentioned 1st support range and Bullish Falling Wedge formations also seen in last hour therefore firstly sustaining beyond this supports for:-
1- First signal of Short Term Correction completion above 7952
2- Correction continuation towards 2nd supports range below 7924
 |
| Just click on chart for its enlarged view |
1- First 3 hours selling between 8022-8040
2- Continuous down moves in last 4 hours
3- Bullish Falling Wedge formations in last hour.
4- Whole day actual trading between 7926-8040
Conclusions from intra day chart analysis
Although deeper correction was seen and Nifty closed 1.36% down today but we were continuously telling for such down moves since 12-09-2014. Nifty closed near the lowest of the day but Bullish Falling Wedge pattern formations was also seen in last hour today therefore emergence of Pull Back rally possibility tomorrow. Next supports are as follows:-
1- 7924-7952(Nifty closed within this range today)
2- 7856-7891
As Nifty closed within above mentioned 1st support range and Bullish Falling Wedge formations also seen in last hour therefore firstly sustaining beyond this supports for:-
1- First signal of Short Term Correction completion above 7952
2- Correction continuation towards 2nd supports range below 7924
Let some more consolidation happen and supports getting confirmation come then on going correction completion will be considered otherwise firstly Pull Back rally and after that correction continuation will be considered at this moment.