Nifty-Intra Day Chart (21-Oct-2014):-
Technical Patterns and Formations in today intraday charts
1- Consolidation between 7875-7900
2- Consolidation between 7906-7919
3- Whole day actual trading between 7875-7936
As lower levels good consolidations yesterday and today all the Global markets re blasting therefore rally continuation after gap up opening today but when Indian markets were crashing in previous week then we told again and again for confirmation requirement of deeper correction and told following lines on 19-10-2014 in Technical Analysis and Market Outlook(20-10-2014):-
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1- Consolidation between 7875-7900
2- Consolidation between 7906-7919
3- Whole day actual trading between 7875-7936
Conclusions from intra day chart analysis
As lower levels good consolidations yesterday and today all the Global markets re blasting therefore rally continuation after gap up opening today but when Indian markets were crashing in previous week then we told again and again for confirmation requirement of deeper correction and told following lines on 19-10-2014 in Technical Analysis and Market Outlook(20-10-2014):-
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.