Nifty-Intra Day Chart (07-Oct-2014):-
Technical Patterns and Formations in today intraday charts
1- Whole day down moves in Bullish Falling Channel
2- Whole day actual trading between 7884-7970
As deeper down moves were seen in all the Global markets when Indian markets were closed in last 3 sessions and most Asian markets were trading in Red today morning therefore sentiment was depressed and resultant gap down opening was seen in Indian markets. Sentiment turned dampened also after deep Red opening of all European markets and more than .75% down its trading as well as Dow's Futures slipping more than 90 points down at 02:15 PM today. As whole day depressing mood therefore continuous down moves with closing seen near the lowest of the day seen today.
Although such Bearish mood today but today down moves are showing Bullish Falling Channel patterns therefore emergence of some up moves and minimum Pull Back rally possibility. As consolidation patterns were seen on 1st Oct 2014 also therefore fresh up moves are still expected in this week.
Correction is on Global mood is disturbed therefore firstly sustaining beyond next support(7842) should be watched tomorrow for the confirmation:-
1- First signal of on going correction completion above 7842
2- Deeper correction continuation below 7842.
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1- Whole day down moves in Bullish Falling Channel
2- Whole day actual trading between 7884-7970
Conclusions from intra day chart analysis
As deeper down moves were seen in all the Global markets when Indian markets were closed in last 3 sessions and most Asian markets were trading in Red today morning therefore sentiment was depressed and resultant gap down opening was seen in Indian markets. Sentiment turned dampened also after deep Red opening of all European markets and more than .75% down its trading as well as Dow's Futures slipping more than 90 points down at 02:15 PM today. As whole day depressing mood therefore continuous down moves with closing seen near the lowest of the day seen today.
Although such Bearish mood today but today down moves are showing Bullish Falling Channel patterns therefore emergence of some up moves and minimum Pull Back rally possibility. As consolidation patterns were seen on 1st Oct 2014 also therefore fresh up moves are still expected in this week.
Correction is on Global mood is disturbed therefore firstly sustaining beyond next support(7842) should be watched tomorrow for the confirmation:-
1- First signal of on going correction completion above 7842
2- Deeper correction continuation below 7842.