Nifty-Intra Day Chart (22-Sep-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidations between 8065-8090
2- Selling at higher levels in last 1 hour between 8145-8159
3- Whole day actual trading between 8065-8159
As good selling last Friday therefore firstly Nifty slipped 55 points immediately after opening today and recovered also after consolidations but selling was seen at higher levels between last resistance range(8140-8170). Selling was seen just below last resistance range(8124-9144) last Friday and follow up selling was seen within it today also therefore last resistance range of Nifty will be understood between 8124-9170 and follow up consolidation is must for sustaining and fresh rally above 8170.
Both higher levels good selling(resistances) between 8124-9160 and equally good lower levels buying(supports) also between 8065-8090 in last 2 sessions therefore Nifty will firstly trade and prepare for next trend within 8065-8160 in the coming session. Although Nifty has faced resistance between and near about last resistance range but lower levels good consolidations yesterday and in previous week therefore finally fresh rally is still expected above all time high(7180) but firstly some down moves can not be ruled out because follow up selling in previous resistance range(8140-8170) yesterday and last Friday.
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1- Consolidations between 8065-8090
2- Selling at higher levels in last 1 hour between 8145-8159
3- Whole day actual trading between 8065-8159
Conclusions from intra day chart analysis
As good selling last Friday therefore firstly Nifty slipped 55 points immediately after opening today and recovered also after consolidations but selling was seen at higher levels between last resistance range(8140-8170). Selling was seen just below last resistance range(8124-9144) last Friday and follow up selling was seen within it today also therefore last resistance range of Nifty will be understood between 8124-9170 and follow up consolidation is must for sustaining and fresh rally above 8170.
Both higher levels good selling(resistances) between 8124-9160 and equally good lower levels buying(supports) also between 8065-8090 in last 2 sessions therefore Nifty will firstly trade and prepare for next trend within 8065-8160 in the coming session. Although Nifty has faced resistance between and near about last resistance range but lower levels good consolidations yesterday and in previous week therefore finally fresh rally is still expected above all time high(7180) but firstly some down moves can not be ruled out because follow up selling in previous resistance range(8140-8170) yesterday and last Friday.