Nifty-Intra Day Chart (16-Oct-2014):-
Technical Patterns and Formations in today intraday charts
1- Selling between 7827-7893
2- Sharp down in last hour
3- Whole day actual trading between 7730-7893-
Firstly more than 5 hours selling and after last 13 sessions range(7796-8030) broken down forcefully as well as given strong signal of deeper correction towards 200 Day EMA(today at 7248). As today last hour sharp down moves were the impact of deep Red European markets and more than 90 points down Dow's Futures therefore breaking down confirmation of 7796 is still left through sustaining below it.
 |
| Just click on chart for its enlarged view |
1- Selling between 7827-7893
2- Sharp down in last hour
3- Whole day actual trading between 7730-7893-
Conclusions from intra day chart analysis
Firstly more than 5 hours selling and after last 13 sessions range(7796-8030) broken down forcefully as well as given strong signal of deeper correction towards 200 Day EMA(today at 7248). As today last hour sharp down moves were the impact of deep Red European markets and more than 90 points down Dow's Futures therefore breaking down confirmation of 7796 is still left through sustaining below it.
Correction is on and deeper correction confirmation is still left through sustaining below 7796 and it should be firstly watched tomorrow.