Nifty-Intra Day Chart (08-Oct-2014):-
Technical Patterns and Formations in today intraday charts
1- Down moves in Bullish Falling Channel
2- Lower levels supports
3- Whole day actual trading between 7816-7869
Although gap down opening today after most depressing global cues but Indian markets out performed and remained sideways within 53 points between 7816-7869 with lower levels supports and consolidation patterns formations. Importance of 7842 was explained in almost all the previous Outlooks and Nifty closed exactly at 7,842.70 today therefore on going correction completion hopes are still alive because supports seen below it today.
 |
| Just click on chart for its enlarged view |
1- Down moves in Bullish Falling Channel
2- Lower levels supports
3- Whole day actual trading between 7816-7869
Conclusions from intra day chart analysis
Although gap down opening today after most depressing global cues but Indian markets out performed and remained sideways within 53 points between 7816-7869 with lower levels supports and consolidation patterns formations. Importance of 7842 was explained in almost all the previous Outlooks and Nifty closed exactly at 7,842.70 today therefore on going correction completion hopes are still alive because supports seen below it today.
As lower levels supports with consolidation patterns formations and selling patterns were not seen today therefore emergence of Pull Back rally possibility above today highest(7869).