Nifty-Intra Day Chart (23-Sep-2014):-
Technical Patterns and Formations in today intraday charts
1- Whole day down moves but in Bullish Falling Channel
2- Whole day actual trading between 80009-8159
Down moves started immediately after opening but in Bullish Falling Channel therefore an indication of fresh rally after correction completion. Long and Intermediate Term trends are up and Short Term Trend is sideways between 7918-8180 for the last 19 sessions. Nifty is preparing for next decisive big moves within this range and next trend will get confirmation after sustaining beyond this range.
Although huge fall today but as such intraday selling patterns were not seen and Bullish Falling Channels formations also developed therefore finally rally above 8180 is still expected despite today closing near the lowest of the day.
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1- Whole day down moves but in Bullish Falling Channel
2- Whole day actual trading between 80009-8159
Conclusions from intra day chart analysis
Down moves started immediately after opening but in Bullish Falling Channel therefore an indication of fresh rally after correction completion. Long and Intermediate Term trends are up and Short Term Trend is sideways between 7918-8180 for the last 19 sessions. Nifty is preparing for next decisive big moves within this range and next trend will get confirmation after sustaining beyond this range.
Although huge fall today but as such intraday selling patterns were not seen and Bullish Falling Channels formations also developed therefore finally rally above 8180 is still expected despite today closing near the lowest of the day.