Nifty-Intra Day Chart (Sep 26 to Sep 30,2014):-
Technical Patterns and Formations in last 3 Sessions intraday charts
1- Consolidation between 7842-7910 on 26-09-2014
2- Selling between 7975-7991 on 29-09-2014
3- Selling between 8008-8030 on 30-09-2014
4- Supports between 7924-7966 on 30-09-2014
5- 3 Sessions actual trading between 7842-8030
Short Term Correction continuation for the last 16 sessions from 8180 and last 3 sessions sideways market between 7842-8030 after correction's lowest formation at 7842 on 26-09-2014. As good consolidation and supports at lower levels and equally good selling at higher levels also in last 3 sessions therefore very Short Term Trend is sideways between 7842-8030 and Nifty is not technically prepared for any side decisive moves as well as will firstly trade and prepare for next trend within this range.
As not much selling seen above 8030 therefore once valid break out of 8030 will mean fresh rally after correction completion and sustaining below 7842 will mean breaking down confirmation of 55 EMA(today at 7664),resultant steep fall after Intermediate Term Trend turning down confirmation.
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1- Consolidation between 7842-7910 on 26-09-2014
2- Selling between 7975-7991 on 29-09-2014
3- Selling between 8008-8030 on 30-09-2014
4- Supports between 7924-7966 on 30-09-2014
5- 3 Sessions actual trading between 7842-8030
Conclusions from 3 Sessions intra day chart analysis
Short Term Correction continuation for the last 16 sessions from 8180 and last 3 sessions sideways market between 7842-8030 after correction's lowest formation at 7842 on 26-09-2014. As good consolidation and supports at lower levels and equally good selling at higher levels also in last 3 sessions therefore very Short Term Trend is sideways between 7842-8030 and Nifty is not technically prepared for any side decisive moves as well as will firstly trade and prepare for next trend within this range.
As not much selling seen above 8030 therefore once valid break out of 8030 will mean fresh rally after correction completion and sustaining below 7842 will mean breaking down confirmation of 55 EMA(today at 7664),resultant steep fall after Intermediate Term Trend turning down confirmation.
Only sustaining beyond 7842-8030 should be firstly watched in the coming sessions for next trend and big decisive moves confirmations.