Nifty-Intra Day Chart (17-Sep-2014):-
Technical Patterns and Formations in today intraday charts
1- Down moves in Bullish Falling Channel
2- Selling patterns in last 1 hour between 7968-7980
3- Whole day actual trading between 7937-7990
Whole day positive zone trading with high volatility and all down moves in Bullish Falling Channel therefore strong indications of today started Pull Back Rally continuation. Next supports are as follows:-
1- 7924-7952
2- 7856-7891
As follow up supports seen within 1st Support range today and yesterday therefore this support has strengthened and firstly complete selling is required for any down moves below 7924. Next Resistances are as follows:-
1- 8022-8040
2- 8052-8060
3- 8090-8127
4- 8140-8170
As multiple resistances are lying at higher levels therefore firstly complete consolidation is also required for decisive up moves. It is clear that both higher levels good selling and lower levels equally good buying between 7924-8170 therefore Nifty will be understood side ways within this range.
Nifty will firstly prepare for next big moves in the coming sessions within 7924-8170. Let Nifty prepare for next big moves then will be updated from intraday charts patterns formations as being done for the last more than 7 years.
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1- Down moves in Bullish Falling Channel
2- Selling patterns in last 1 hour between 7968-7980
3- Whole day actual trading between 7937-7990
Conclusions from intra day chart analysis
Whole day positive zone trading with high volatility and all down moves in Bullish Falling Channel therefore strong indications of today started Pull Back Rally continuation. Next supports are as follows:-
1- 7924-7952
2- 7856-7891
As follow up supports seen within 1st Support range today and yesterday therefore this support has strengthened and firstly complete selling is required for any down moves below 7924. Next Resistances are as follows:-
1- 8022-8040
2- 8052-8060
3- 8090-8127
4- 8140-8170
As multiple resistances are lying at higher levels therefore firstly complete consolidation is also required for decisive up moves. It is clear that both higher levels good selling and lower levels equally good buying between 7924-8170 therefore Nifty will be understood side ways within this range.
Both buying and selling patterns seen between 7937-7990 today therefore mixed patterns formation will be understood and sustaining beyond this range will be confirmation of next Short Term Trend . As most time good consolidations and minor selling in last hour today therefore up moves above today highest(7990) is firstly expected
Nifty will firstly prepare for next big moves in the coming sessions within 7924-8170. Let Nifty prepare for next big moves then will be updated from intraday charts patterns formations as being done for the last more than 7 years.