Nifty-Intra Day Chart (18-Sep-2014):-
Technical Patterns and Formations in today intraday charts
1- Whole day strong rally after negative opening
2- Huge 74 points huge jump Jump immediately after opening
3- Up moves with continuous higher levels consolidations.
4- Whole day 180 points sharp rally between 7940-8120
Although 180 Points strong rally today but when Nifty closed near the lowest of the day on 16-09-2014 then following lines were told in Technical Analysis and Market Outlook(17-09-2014):-
Following lines were told yesterday in Technical Analysis and Market Outlook(18-09-2014):-
1- As most time good consolidations and minor selling in last hour today therefore
2- up moves above today highest(7990) is firstly expected
1- In Nifty-Sep Fut- 75 points huge jump from 7986 to 8062 within 2 minutes between 09:37 AM and 09:39 AM
2- In Nifty Spot- 74 points huge jump from 7975 to 8049 within 7 minutes between 09:36 AM and 09:43 AM.
Above mentioned fact is well proved from following intraday Charts of today:-
1-Nifty-Sep Fut Intraday Charts of between 09:37 AM and 09:39 AM:-
2-Nifty Spot Intraday Charts of between 09:36 AM and 09:43 AM:-
Next resistances are as follows:-
1- 8090-8127(Nifty closed within this range today)
2- 8140-8170
Long and Intermediate Term Trends are up and and now Short Term Trend is sideways between 7924-8170 because still higher levels resistances and lower levels supports within this range. Certainly strong rally today and it was expected also because most time good consolidations yesterday and lower levels consolidation pattern formation on 17-09-2014.
As no selling patterns formations and higher levels consolidations today therefore rally continuation is expected in the coming sessions because until complete follow up selling will not develop till then any down move can not be considered. As above mentioned last 2 resistance ranges and Nifty closed within 1st resistance range also today therefore some more follow up consolidation is still required within next resistance ranges(8090-8127 and 8140-8170) and its valid break out above 8170 will mean fresh strong rally after Short Term Correction completion.
 |
| Just click on chart for its enlarged view |
1- Whole day strong rally after negative opening
2- Huge 74 points huge jump Jump immediately after opening
3- Up moves with continuous higher levels consolidations.
4- Whole day 180 points sharp rally between 7940-8120
Conclusions from intra day chart analysis
Although 180 Points strong rally today but when Nifty closed near the lowest of the day on 16-09-2014 then following lines were told in Technical Analysis and Market Outlook(17-09-2014):-
Bullish Falling Wedge pattern formations was also seen in last hour today therefore emergence of Pull Back rally possibility tomorrow
Pull Back rally possibility was told and Nifty closed 43 points up on 17-09-2014
Following lines were told yesterday in Technical Analysis and Market Outlook(18-09-2014):-
1- As most time good consolidations and minor selling in last hour today therefore
2- up moves above today highest(7990) is firstly expected
As was told 100% same happened today and 7990 was crossed as well as closed 139 points up today
1- In Nifty-Sep Fut- 75 points huge jump from 7986 to 8062 within 2 minutes between 09:37 AM and 09:39 AM
2- In Nifty Spot- 74 points huge jump from 7975 to 8049 within 7 minutes between 09:36 AM and 09:43 AM.
Above mentioned fact is well proved from following intraday Charts of today:-
1-Nifty-Sep Fut Intraday Charts of between 09:37 AM and 09:39 AM:-
1- 8090-8127(Nifty closed within this range today)
2- 8140-8170
Long and Intermediate Term Trends are up and and now Short Term Trend is sideways between 7924-8170 because still higher levels resistances and lower levels supports within this range. Certainly strong rally today and it was expected also because most time good consolidations yesterday and lower levels consolidation pattern formation on 17-09-2014.
As no selling patterns formations and higher levels consolidations today therefore rally continuation is expected in the coming sessions because until complete follow up selling will not develop till then any down move can not be considered. As above mentioned last 2 resistance ranges and Nifty closed within 1st resistance range also today therefore some more follow up consolidation is still required within next resistance ranges(8090-8127 and 8140-8170) and its valid break out above 8170 will mean fresh strong rally after Short Term Correction completion.