Nifty-Intra Day Chart (17-Oct-2014):-
Technical Patterns and Formations in today intraday charts
1- Down moves in Bullish Falling Channel
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 7724-7819
Conclusions from intra day chart analysis
Although recovery from lower levels after consolidation patterns formations but selling patterns also seen at higher levels therefore mixed patterns formations and follow up trading positions will decide next decisive moves and should be firstly watched in next week for next decisive moves.
13 Sessions range(7796-8030) broken down forcefully on 16-10-2014 but sustaining below 7796 is must for deeper correction confirmation towards 200 Day EMA(today at 7253) but consolidation seen above 7724 therefore sustaining below 7796/7724 should be firstly watched in next week for deeper correction confirmation or its completion.
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1- Down moves in Bullish Falling Channel
2- Up moves in Bearish Rising Channel
3- Whole day actual trading between 7724-7819
Conclusions from intra day chart analysis
Although recovery from lower levels after consolidation patterns formations but selling patterns also seen at higher levels therefore mixed patterns formations and follow up trading positions will decide next decisive moves and should be firstly watched in next week for next decisive moves.
13 Sessions range(7796-8030) broken down forcefully on 16-10-2014 but sustaining below 7796 is must for deeper correction confirmation towards 200 Day EMA(today at 7253) but consolidation seen above 7724 therefore sustaining below 7796/7724 should be firstly watched in next week for deeper correction confirmation or its completion.
As Bullish Flag formation seen in last 25 sessions correction therefore deeper correction is not expected and once confirmation of sustaining above 7796/7724 will be a strong indication of fresh strong rally above all time high.