Nifty-Intra Day Chart (Aug 27 to Sep 19,2014):-
Technical Patterns and Formations in last 17 Sessions intraday charts:-
1- Supports between 7924-7991
2- Resistances between 8110-8170
3- 17 Sessions actual trading between 7918-8170
Conclusions from 17 Sessions intra day chart analysis
17 Sessions side ways market between 7918-8170 with higher levels selling and lower levels buying. Previous supports were between:-
1- 7924-7952
2- 7856-7891
Nifty got supports between above supports on 16th and 17th Sep and strong rally seen on 18-09-2014.
Previous resistances were between:-
1- 8090-8127
2- 8140-8170
Follow up selling seen between above resistance ranges on 19-09-2014 therefore possibility of slipping towards next supports in the beginning of next week.
Nifty-Intra Day Chart (19-Sep-2014):-
Technical Patterns and Formations in today intraday charts
1- More than 3 hours selling between 8124-9144
2- Whole day actual trading between 8106-8160
Conclusions from intra day chart analysis
As more than 3 hours selling therefore possibility of slipping below day's lowest(6106) because follow up selling seen between following previous 2 resistance ranges:-
1- 8090-8127
2- 8140-8170
When Nifty was trading at too much lower levels then following topics were posted;-
1- We told following line on 12-05-2014 in Minimum target of Nifty at 8616.90
2- We told following line on 21-10-2013 in Minimum target of Nifty at 6724.60
(Just click above topic links and understand the calculations of above targets according to Elliot Wave theory)
Long and Intermediate Term trends are up and Short Term Trend is sideways between 7924-8170 for the last 17 sessions because both lower levels supports and higher levels selling seen within this range on 19-09-2014 therefore we told following line at 02:26 PM in Mid-session Outlook-2(19-09-2014):-
As follow up supports at lower levels and follow up selling at higher levels were seen in previous week therefore both supports and resistances have been strengthened also and expected that Nifty will firstly trade and prepare for next trend within last 17 sessions trading range(7924-8170)
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| Just click on chart for its enlarged view |
1- Supports between 7924-7991
2- Resistances between 8110-8170
3- 17 Sessions actual trading between 7918-8170
Conclusions from 17 Sessions intra day chart analysis
17 Sessions side ways market between 7918-8170 with higher levels selling and lower levels buying. Previous supports were between:-
1- 7924-7952
2- 7856-7891
Nifty got supports between above supports on 16th and 17th Sep and strong rally seen on 18-09-2014.
Previous resistances were between:-
1- 8090-8127
2- 8140-8170
Follow up selling seen between above resistance ranges on 19-09-2014 therefore possibility of slipping towards next supports in the beginning of next week.
Nifty-Intra Day Chart (19-Sep-2014):-
 |
| Just click on chart for its enlarged view |
1- More than 3 hours selling between 8124-9144
2- Whole day actual trading between 8106-8160
Conclusions from intra day chart analysis
As more than 3 hours selling therefore possibility of slipping below day's lowest(6106) because follow up selling seen between following previous 2 resistance ranges:-
1- 8090-8127
2- 8140-8170
Conclusions (After Putting All Studies Together)
When Nifty was trading at too much lower levels then following topics were posted;-
1- We told following line on 12-05-2014 in Minimum target of Nifty at 8616.90
As per Elliot Wave theory Nifty is well set for rally towards minimum target at 8616.90.
2- We told following line on 21-10-2013 in Minimum target of Nifty at 6724.60
Nifty is well set for rally towards minimum target at 6724.60.
(Just click above topic links and understand the calculations of above targets according to Elliot Wave theory)
Long and Intermediate Term trends are up and Short Term Trend is sideways between 7924-8170 for the last 17 sessions because both lower levels supports and higher levels selling seen within this range on 19-09-2014 therefore we told following line at 02:26 PM in Mid-session Outlook-2(19-09-2014):-
last 2 hours intraday charts are showing selling indications
As follow up supports at lower levels and follow up selling at higher levels were seen in previous week therefore both supports and resistances have been strengthened also and expected that Nifty will firstly trade and prepare for next trend within last 17 sessions trading range(7924-8170)
As follow up selling last Friday therefore firstly down moves are expected in the beginning of next week but next big moves will be seen after valid break out of 7924-8170 and should be firstly watched in next week.